IFCI achieves 14% profit rise, plans to sell 2.5% NSE stake
1 May 2014 5:29 AM IST
IFCI currently holds 5.44 per cent stake in the bourse. The board has given the in-principle approval for sale of 2.5 per cent stake in NSE, IFCI Managing Director Malay Mukherjee said.
On a quarter-on-quarter basis, the financial company also reported a net rise of 20 per cent from Rs 142 crore in the previous quarter. The net profit for the entire year (financial year 2014) was registered at Rs 508 crore, up 13 percent from Rs 451 crore in the financial year 2013.
The total operational income during the quarter ended on 31 March 2014 increased by 13 per cent to Rs 801 as compared to Rs 711 crore in the corresponding quarter of the previous year. Total operational income for the year increased to Rs 2,885 crore, registering an increase by 7 per cent, against Rs 2,706 crore during the previous year. Net interest income during the year ended on 31 March 2014 improved by 17 per cent to Rs 477 crore from Rs 409 crore in previous year while the net interest margin (NIM) grew to 2.4 per cent for current year from 2.2 per cent in financial year 2013.
The CEO and MD of IFCI, Malay Mukherjee said, ‘Instead of the 5 per cent provisions asked by the Reserve Bank of India (RBI), we have introduced a 10 per cent provision in our firm.’ He said that the total cost-to-total-income stands at 58.9 percent from 69.9 percent. The total business assets of the firm has grown by 13.9 percent to Rs 26,670 crore from March 2013.
Cost to total income ration of the company reduced to 61 percent from 70 percent for previous year. Overhead cost reduced from 3.8 percent of total income in last year to 3.3 per cent. Loans and advances, net of provisions, increased to Rs 18,635 crore as on 31 March 2014 from Rs 14,280 crore at 31 March 2013.
The firm’s provisions stood at Rs 125.9 crore against Rs 132.8 crore as per quarter-on-quarter basis and Rs 52.6 crore as per year-on-year basis. On the asset quality, the gross non-performing assets stood at 17.3 percent by the year end as against 22.2 percent at 31 March 2013. The net non-performing assets ratio increased from 10.2 percent at the beginning of the year to 11.4 percent at year end. The dividend of the financial firm was decided to be 10 per cent, same
as the last year.
On a quarter-on-quarter basis, the financial company also reported a net rise of 20 per cent from Rs 142 crore in the previous quarter. The net profit for the entire year (financial year 2014) was registered at Rs 508 crore, up 13 percent from Rs 451 crore in the financial year 2013.
The total operational income during the quarter ended on 31 March 2014 increased by 13 per cent to Rs 801 as compared to Rs 711 crore in the corresponding quarter of the previous year. Total operational income for the year increased to Rs 2,885 crore, registering an increase by 7 per cent, against Rs 2,706 crore during the previous year. Net interest income during the year ended on 31 March 2014 improved by 17 per cent to Rs 477 crore from Rs 409 crore in previous year while the net interest margin (NIM) grew to 2.4 per cent for current year from 2.2 per cent in financial year 2013.
The CEO and MD of IFCI, Malay Mukherjee said, ‘Instead of the 5 per cent provisions asked by the Reserve Bank of India (RBI), we have introduced a 10 per cent provision in our firm.’ He said that the total cost-to-total-income stands at 58.9 percent from 69.9 percent. The total business assets of the firm has grown by 13.9 percent to Rs 26,670 crore from March 2013.
Cost to total income ration of the company reduced to 61 percent from 70 percent for previous year. Overhead cost reduced from 3.8 percent of total income in last year to 3.3 per cent. Loans and advances, net of provisions, increased to Rs 18,635 crore as on 31 March 2014 from Rs 14,280 crore at 31 March 2013.
The firm’s provisions stood at Rs 125.9 crore against Rs 132.8 crore as per quarter-on-quarter basis and Rs 52.6 crore as per year-on-year basis. On the asset quality, the gross non-performing assets stood at 17.3 percent by the year end as against 22.2 percent at 31 March 2013. The net non-performing assets ratio increased from 10.2 percent at the beginning of the year to 11.4 percent at year end. The dividend of the financial firm was decided to be 10 per cent, same
as the last year.
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