IDFC Bank Q1 net profit rises 60%
Balance Sheet size crosses Rs. 1 lac crore
Mumbai, July 26, 2016:
The Board of Directors of IDFC Bank today approved the financial results for the
first quarter ended June 30, 2016. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
Performance at a glance: Q1 FY 2017 v/s Q4 FY 2016
Net profit for the quarter stands at Rs. 265 crore, up 60%
Operating Income grew 28% at Rs. 712 crore, with Non-Interest Income at Rs. 197 crore
Funded Credit (Net Advances + NCDs) grew 4% to Rs. 50,410 crore as on June 30, 2016, from Rs. 48,474 crore as on March 31, 2016
Total Credit (Funded Book + Non Funded Book) grew 7% to Rs. 57,470 crore as on June 30, 2016 from Rs. 53,580 crore as on March 31, 2016
Deposits grew 59% stood at Rs. 13,029 crore (CASA at Rs. 869 crore and Term Deposits at Rs. 12,160 crore)
Well Capitalised Bank with total Capital Adequacy Ratio of 20.39% and Tier 1 CAR of 19.91% under Basel III.
Balance Sheet size crosses Rs. 1 lac crore
Mumbai, July 26, 2016:
The Board of Directors of IDFC Bank today approved the financial results for the
first quarter ended June 30, 2016. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
Performance at a glance: Q1 FY 2017 v/s Q4 FY 2016
Net profit for the quarter stands at Rs. 265 crore, up 60%
Operating Income grew 28% at Rs. 712 crore, with Non-Interest Income at Rs. 197 crore
Funded Credit (Net Advances + NCDs) grew 4% to Rs. 50,410 crore as on June 30, 2016, from Rs. 48,474 crore as on March 31, 2016
Total Credit (Funded Book + Non Funded Book) grew 7% to Rs. 57,470 crore as on June 30, 2016 from Rs. 53,580 crore as on March 31, 2016
Deposits grew 59% stood at Rs. 13,029 crore (CASA at Rs. 869 crore and Term Deposits at Rs. 12,160 crore)
Well Capitalised Bank with total Capital Adequacy Ratio of 20.39% and Tier 1 CAR of 19.91% under Basel III.
Net Worth and Capital Adequacy
Net worth of the Bank stood at Rs. 13,903 crore as on June
30 2016, as compared to Rs. 13,633 crore on March 31, 2016. Capital Adequacy
Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 20.39%
as at the end of the quarter. Tier 1 Capital adequacy ratio stood at 19.91%.
Asset Quality
The Gross NPL and Net NPL of the Bank as at the end of the
Quarter stood at Rs. 3,030 crore and Rs. 1,111 crore respectively. Gross NPL as
a percentage to Gross Advances stood at 6.1% and Net NPL as a percentage to Net
Advances at 2.3%.
Network
As on June 30, 2016, IDFC Bank had 65 branches (of which
50 branches were in Bharat Banking, 11 in Consumer Banking and 8 in Commercial
& Wholesale Banking), 14 ATMs and 330 Micro ATMs.
It expanded its network in Madhya Pradesh and expanded
into Karnataka and Andhra Pradesh. To deepen financial inclusion, the bank is
placing a special focus on segments such as marginal farmers, micro enterprises
and the self-employed.
In July 2016, IDFC Bank signed a share purchase agreement
to acquire 100% of Grama Vidiyal Micro Finance, one of the largest microfinance
institutions in the country. Upon completion of acquisition, Grama Vidiyal will
be a wholly-owned subsidiary of IDFC Bank. The acquisition will give IDFC Bank immediate
access to 1.2 million rural and semi-urban households and Grama Vidiyal’s
network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka,
Pondicherry, Maharashtra, Gujarat and Madhya Pradesh will act as BC centres to
IDFC Bank. IDFC Bank continued to strengthen its suite of retail
offerings during the quarter.
It introduced home loan
products and a range of specialized digital offerings for customers in the
business banking segment. Under Commercial and Wholesale Banking, the Bank
diversified its relationships further in the noninfrastructure segment by
offering a wider range of solutions, while continuing to expand and cater to new
clients in the infrastructure segment.
Awards & Recognition
IDFC Bank won the following awards:
_ Award for “Innovative Micro
ATM product” at the Business Mobility Summit 2016
_ “The Innovators 2016” for
Corporate Internet Banking Platform – BXP, by Global Finance magazine
_ “Best in Class Technologies –
Best Simulation Solution” and “Best Training Initiatives for Banking Sector” by
World HRD Congress
About IDFC Bank:
IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd
(BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal
bank, offering financial solutions through its nationwide branches, internet
and mobile.
Envisioned as a new age bank, IDFC Bank seeks to set a new
standard in customer experience, using technology and a service-oriented
approach, to make banking simple and accessible, anytime and from anywhere.
In keeping with IDFC’s legacy of building the nation, IDFC
Bank will focus on serving the rural underserved communities and the
self-employed, while continuing to support the country’s infrastructure sector.
IDFC Bank provides customized financial solutions to corporates, individuals,
small and micro-enterprises, entrepreneurs, financial institutions and the
government. With best-in-class corporate governance, rigorous risk management,
experienced management and a diversified team, IDFC Bank
is uniquely positioned to meet the aspirations of its customers and
stakeholders.
www.idfcbank.com or Twitter, Facebook and LinkedIn
For media queries, contact:
Freeda
D’souza +91 9892962607
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