New Delhi: IDFC First Bank Wednesday reported a net loss of ?617 crore for the April-June quarter of the current fiscal on account of higher provisioning.
The bank had reported a net profit of ?181 crore in the April-June period of the previous fiscal.
“Bank reported loss of ?617 crore for the quarter ended June 30, 2019. As a prudent measure, the bank took provision coverage to 75 per cent for two identified corporate loans in the financial services sector. Bank believes the provision is adequate and does not expect to take any more provisions on these accounts in the near future,” IDFC First said in a statement.
Provisioning during the quarter increased to ?1,280 crore, as against ?33.99 crore made in the June quarter of the last fiscal.
The gross and net non-performing assets (NPA) of the bank as of June 30, 2019, stood at 2.66 per cent and 1.35 per cent.
“We are witnessing strong Year on Year growth of 64 per cent in CASA deposits, healthy growth in the retail loan book, increase in net interest margins and expanding product lines,” IDFC First Bank MD and CEO V Vaidyanathan said.