IDFC sees 20% credit growth this fiscal

IDFC sees 20% credit growth this fiscal Mumbai: Infrastructure finance company IDFC is hopeful of clocking 20 percent credit growth in the current financial year.

"We stick to our earlier guidance of credit growth of 20 percent in the current financial year," IDFC Vice-Chairman and Managing Director Rajiv Lall told reporters here.

Lall said the non-banking finance corporation is hopeful of sound growth in profitability in this fiscal.

The NBFC has reported a drop in net profit by 9.3 percent to Rs 475.6 crore in the quarter to September from Rs 524.3 crore in a year ago, despite an 18.8 percent rise in income to Rs 2,038.6 crore from Rs 1,715.5 crore.

The net interest income (NII) increased nearly 31 percent to Rs 656 crore.

The company reported a gross NPA of 0.28 percent and a net NPA of 0.13 percent during the reporting period.

On asset quality, Lall said, "as 80 percent of our loan book come from operational entities, asset quality will remain strong."

The NBFC, which has reported a NIM of 4.4 percent for the reporting quarter, said it would be able to maintain the margin at these levels in the current fiscal.

"Margins will remain stable around the current level in this fiscal," he said.


PTI