Shares of IDFC First bank fell over 10 percent after it reported a loss of Rs 218.03 crore for the quarter ended March 2019 against a profit of Rs 41.93 crore in the corresponding period of the last fiscal on account of higher provisioning. At 11.52 AM, the stock price was at Rs 44.25 per share, down 9.97 percent, while the Nifty50 was trading at 11,277.05, down 0.02 percent. Intraday, the stock fell as much as 10.5 percent to RS 43.95 per share.

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The merged bank’s gross NPAs stood at 2.43 percent of the gross advances during the January-March quarter of 2018-19, down from 3.31 per cent in the corresponding period of the last fiscal.

Provisions increased to Rs 698.2 crore this quarter, up from Rs 242.45 crore in the corresponding year-ago period.

The bank in its press release mentioned that it has no exposure to IL&FS or Jet Airways. It further added, “ The key reason for the loss is provisions of Rs 419.46 crore made on three exposures of Rs 2,794 crore that are performing satisfactorily on its books, however, as a prudent measure, they have been identified as watch-list accounts as two of these accounts pertain to financial services firms that have been downgraded by rating companies recently.”

For the full financial year 2018-19, IDFC First Bank posted a net loss of ₹1,944 crore as compared to a net profit of ₹859.3 crore. The bank said that this included accelerated goodwill amortisation on merger of ₹2,599 crore and tax credits of ₹1,351 crore.

IDFC First Bank was set up by the merger of Capital First and IDFC Bank in December 2018.

(With inputs from PTI)

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