IDFC net soars 37% to Rs 423 cr; Rajiv Lall elevated as chairman BT Online Bureau

May 2, 2013,- Mumbai-



Infrastructure financier IDFC on Wednesday announced that its current Managing Director and Chief Executive Rajiv Lall will replace veteran banker Deepak Parekh as the new chairman of the company.



\"Parekh has relinquished his post as Chairman. The board has appointed Rajiv Lall (55) as the Executive Chairman and Vikram Limaye as the Managing Director and CEO,\" IDFC said in a statement.



Parekh, who has been the Chairman of the government promoted company for 15 years, has agreed to chair the IDFC advisory council, which is consultative body that will be constituted over the next few months, it said.



Limaye is serving serving as the Deputy Managing Director of the city-headquartered infra lender.



Meanwhile, the company said its March quarter earnings saw 37 per cent surge in net profit at Rs 423 crore as against Rs 308 crore in the corresponding period last year.



The company\'s net interest income was up 10 per cent on year-on-year basis to Rs 643 crore, while non-interest income jumped 171 per cent to Rs 363 crore, it said in a statement.



Its interest margin for the entire fiscal dropped to 4.1 per cent from 4.3 per cent a year ago.



The provisions rose 97 per cent to Rs 165 crore due to a higher allocation for both bad loans and investments. But gross non-performing assets ratio narrowed down to 0.15 per cent of the outstanding assets as on March 31 from the 0.30 per cent in the year ago period.



During FY13, its loan portfolio grew 16 per cent to Rs 56,595 crore, while the borrowings were up 17 per cent at Rs 54,227 crore.



Capital adequacy ratio stood at 22.1 per cent as of March end, up from 20.8 per cent a year ago.


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