Millennium Post

IFCI records impressive Q3 numbers

State-owned IFCI on Friday posted 6 per cent decline in net profit at Rs 133.77 crore for the quarter ended December 2014 due to rise in cost of fund.

The financial institution had a net profit of Rs 142.39 crore in the October-December quarter of the last fiscal. "The decrease in profit during the quarter is due to rise in cost of fund leading to lower interest income and NIM," IFCI MD Malay Mukherjee said. The net interest margin declined to 2.5 per cent compared to 2.7 per cent in the corresponding period a year ago. At the same time, net interest income (NII) during the third quarter slipped by 13.4 per cent to Rs 186 crore from Rs 215 crore in the same period of the previous fiscal. Mukherjee further said that the company is in advance stage of talks for stake sale in NSE.
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