IDFC Bank gains as net profit jumps 65%

NEW DELHI: Shares of IDFC Bank advanced over 2 per cent on Friday after the bank reported a stellar 65 per cent jump in net profit during the first quarter, driven primarily by a 200% jump in treasury income and a write back from provisions it had made last year.

Following the development, the stock gained 2.28 per cent to end the day at Rs 60.55 on BSE. It opened at Rs 59.25 and touched an intraday high and low of Rs 60.95 and Rs 59.10 respectively.

The bank which was very recently carved out of the infrastructure funding company IDFC, also reported a 27% jump in income from other sources like fees and earnings from foreign exchange to reach Rs 2793.9 crore against Rs 2188 crore last year, ET reported.

In addition, on the asset side the bank has reported a sharp decline in non-performing assets or assets for which repayment has not happened on time to Rs 803.7 crore against Rs 1110.6 crore last year. The share of net NPA with respect to total advances came down to 1.7% against 2.3% last year.

The scrip touched its fresh 52-week high of Rs 83.45 on September 28, 2016 and its 52-week low of Rs 48.20 on August 3, 2016.