IDFC Ltd reported a 48 per cent jump in fourth quarter consolidated net profit at ₹382 crore compared to ₹258 crore in the year-ago period. The profit was helped by non-interest income and lower provisions towards bad loans.
Provisions for bad loans declined 22 per cent year-on-year to ₹375 crore for the quarter ended March, 2015 from ₹452 crore in the March quarter a year ago.
Net interest income was down 4 per cent to ₹642 crore (from ₹668 crore in Q4 of FY14), while non-interest income surged 48 per cent to ₹423 crore (from ₹285 crore) driven by growth in “principal gains” and carry income.
IDFC’s profit declined by 5 per cent to ₹1,707 crore for the full year ended FY15 as compared with ₹1,803 crore in FY14.
On the asset quality front, gross non-performing assets declined to 0.7 per cent March quarter compared to 0.6 per cent as on March end, 2014.
Net NPA declined to 0.20 per cent in the quarter from 0.40 per cent in March last year.
IDFC shares closed at ₹167.85, up 1.21 per cent on the BSE on Wednesday.