IDFC Bank Q1 profit jumps 65%

IDFC Bank's first quarter profit grew sharply by 65.3 percent year-on-year to Rs 437.6 crore, driven by other income but asset quality worsened further.

Net interest income, the difference between interest earned and interest expended, fell 22.2 percent to Rs 388 crore compared with year-ago quarter.

Other income (non-interest income) shot up 205 percent to Rs 649 crore and operating profit increased 49 percent to Rs 647.5 crore compared with corresponding quarter of previous fiscal.

Gross non-performing assets (NPA) rose 114 basis points sequentially to 4.13 percent and net NPA increased 56 basis points to 1.70 percent in Q1.

In absolute terms, gross NPA jumped 30 percent to Rs 2,004 crore and net NPA surged 39.4 percent to Rs 803.7 crore compared with previous quarter.Provisions reversal for the quarter was at Rs 14.6 crore against provisions of Rs 4.79 crore in previous quarter and Rs 23.60 crore in same quarter last year