Infrastructure finance company and soon-to-be-bank IDFC reported a 46 per cent decline in standalone net profit at ₹241 crore for the first quarter ended June 30, 2015.
The company had reported a net profit of ₹449 crore in the corresponding period a year ago.
IDFC received final approval from the RBI on July 23 to start a bank. It will start its banking operations in October.
Total income increased 6 per cent to ₹2,087 crore (₹1,973 crore in the year-ago period), IDFC said in a filing with the BSE.
The consolidated net profit of the group also declined 47 per cent to ₹254 crore during the quarter.
Total income rose to ₹2,227 crore from ₹2,189 crore in the year-ago period.
IDFC shares closed at ₹152.80, down 0.88 per cent over the previous close, on the BSE on Thursday.