To participate and be a part in the strong upcoming force of opportunities that we are glimpsing, IDFC First Bank told that its board will meet on February 18, 2021, to evaluate and accept the suggestions for the lifting of funds by way of issue of equity or shares and other securities linked with equity. IDFC First Bank had also documented a net profit of ₹130 crores for the third consecutive quarter expired December 31, 2020.The bank, which appeared formally after the merger of IDFC Bank and Capital First, had documented a loss of Net ₹1,639 crores for the month of October-December duration of 2019-20.
The total income during the quarter had risen to ₹4,711.72 crores from ₹4,679.14 crores in the identical duration of the last fiscal. The bank announced in a filing on a regulatory basis.
The asset quality of the bank has reasonably enhanced as gross non-performing assets (NPAs) or against the bad loans has also reduced to 1.33 percent of the gross advances as of December 31, 2020, as against 2.83 percent by the similar term a year ago.
Furthermore, the net NPAs have enhanced to 0.33 percent from 1.23 percent in the third quarter of the last fiscal.
IDFC First Bank CEO V Vaidyanathan had said that the collections are constantly increasing strongly every month since July 2020 and have already attained 98 percent of pre-COVID collections. During the present quarter, the bank formulated a provision of ₹595 crores as correlated to ₹2,305 crores in the same term of the Fiscal Year 2020. This comprises some extra COVID provisions of ₹390 crores during the quarter.