Read more about IDFC First Bank posts Rs 101-cr profit in Q2 on interest income, lower provisioning on Business Standard. The bank on Saturday reported its earnings for the July-September quarter of the current fiscal year
on Saturday reported a net profit of Rs 101 crore for the July-September quarter of the current fiscal year on healthy interest income and lower provisions. The private sector lender had posted a net loss of Rs 680 crore in the same quarter a year ago. The profit after tax for the half-year ended September 30,2020, is reported at Rs 195 crore. Thus the bank reported three consecutive quarters of profitability, said in a release. Bank’s total income grew by 21 per cent at Rs 2,288 crore in July-September period of 2020-21 from Rs 1,884 crore. Net interest income was up by 22 per cent at Rs 1,660 crore. Despite the COVID-19 pandemic impact, the quarter-on-quarter NII grew by 2 per cent, the private sector lender added. Net interest margin slightly improved to 4.57 per cent during Q2FY21 from 4.53 per cent in the year-ago quarter and 3.43 per cent in the first quarter ended June of this fiscal. However, there was a 19 per cent fall in the bank’s income from fee and other sources at Rs 359 crore due to lower loan originations and reduced banking activity on account of COVID-19 pandemic, said.
