Business

IDFC First Bank posts ₹680 crore loss in Q2

Private sector lender IDFC First Bank reported ₹680 crore loss in the second quarter of the current financial year as a result of of one-time tax impact of ₹751 crore due to markdown of existing deferred tax assets, following the change in corporate tax rates.

“Bank decides to mark down deferred tax assets as a result of reduction in corporate tax rates from 35% to 25%,” the bank said in a statement.

The lender reported net interest income of ₹1,363 crore, up 202% year-on-year from the ₹451 crore, which is the period before the merger of IDFC Bank and Capital First.

The net interest margin for the bank grew to 3.43% for the quarter from 1.56% of the pre-merger period.

The gross NPA ratio remained stable sequentially which was 2.31% compared with 2.32% in the first quarter.

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Printable version | Jun 5, 2020 4:05:46 AM | https://www.thehindu.com/business/idfc-first-bank-posts-680-crore-loss-in-q2/article29789549.ece

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