Wednesday, June 4, 2025
HomeBusinessDragged down by Mumbai toll waiver, IDFC First Bank's net profit drops...

Dragged down by Mumbai toll waiver, IDFC First Bank’s net profit drops 73%

-

[ad_1]

Dragged down by Mumbai toll waiver, IDFC First Bank's net profit drops 73%

Mumbai: IDFC First Bank‘s second quarter net profit plunged over 73% to Rs 201 crore from over Rs 751 crore in the corresponding quarter of the previous year, dragged down by a Rs 253-crore provision arising from Maharashtra govt’s recent decision to waive tolls for some vehicles in Mumbai.
The bank had provided finance against the toll receivables. IDFC First did not name the company, though MEP Infrastructure is the concessionaire (collecting agency) for tolls at Mumbai’s five entry points. The bank said it would recognise this back as profits depending on toll collections and govt’s compensation to the client.
The bank’s net interest income rose to Rs 4,788 crore in the July-Sept quarter. That was an increase of 21% over Rs 3,950 crore in the corresponding quarter of 2023-24. Deposits were Rs 2,18,026 crore, a 32.4% increase over Rs 1,64,726 crore in the same period last year. tnn



[ad_2]

Source link

LATEST POSTS

WitchSpin Casino: Daily ₱777 Bonus Explained

Online casinos attract players by offering exciting games and generous bonuses. One of the most popular features of WitchSpin Casino is its daily ₱777 bonus....

Gaming and Adventure Combined: The Ultimate Guide for Norwegian Tourists

For many Norwegian tourists, traveling is all about exploring new places, immersing themselves in different cultures, and seeking unforgettable adventures. But what if your journey...

Non-Disclosure Agreement for Customer Privacy Protection

In today's digital age, privacy concerns are more significant than ever, especially when it comes to safeguarding the personal and sensitive information of customers. Businesses...

How to Analyze Odds for a Spot Bet

The adrenaline rush of Spot Bet—placing wagers while the action unfolds—attracts countless sports enthusiasts seeking to capitalize on their real-time insights. Yet beneath this thrilling...

Most Popular

spot_img