New Delhi: Shares in IDFC traded at the top of the 50-share Nifty index after the infra lender met Street estimates in the June quarter.
IDFC reported quarterly net profit of Rs 380 crore in the June quarter, a jump of 21 per cent over last year net at Rs 314 crore. Net interest income jumped 30 per cent year-on-year at Rs 629 crore against Rs 483 crore last year,
At 12.35 p.m., the stock traded 4.2 per cent higher at Rs 152.20 on the NSE, while the broader Nifty index was down 0.1 per cent at 5,376.
IDFC said advances grew 34 per cent over last year, while the balance sheet size grew by 25 per cent to Rs 65,017 crore at the end of the June quarter.
Disbursements jumped 55 per cent over last year, mainly driven by the power segment, which contributed 44 per cent of total advances.
Margins remained flat sequentially, growing at 4.29 per cent. The asset quality also remained stable at 0.14 per cent of outstanding loans.
"IDFC continues to deliver robust NIMs on the back of effective ALM (assets and liabilities management)... There has been good pickup in loan momentum this quarter," Morgan Stanley said in a note.
(With inputs from Thomson Reuters)
IDFC reported quarterly net profit of Rs 380 crore in the June quarter, a jump of 21 per cent over last year net at Rs 314 crore. Net interest income jumped 30 per cent year-on-year at Rs 629 crore against Rs 483 crore last year,
At 12.35 p.m., the stock traded 4.2 per cent higher at Rs 152.20 on the NSE, while the broader Nifty index was down 0.1 per cent at 5,376.
IDFC said advances grew 34 per cent over last year, while the balance sheet size grew by 25 per cent to Rs 65,017 crore at the end of the June quarter.
Disbursements jumped 55 per cent over last year, mainly driven by the power segment, which contributed 44 per cent of total advances.
Margins remained flat sequentially, growing at 4.29 per cent. The asset quality also remained stable at 0.14 per cent of outstanding loans.
"IDFC continues to deliver robust NIMs on the back of effective ALM (assets and liabilities management)... There has been good pickup in loan momentum this quarter," Morgan Stanley said in a note.
(With inputs from Thomson Reuters)
