IFCI Q2 net profit down marginally

Financial institution IFCI's net profit was marginally down at Rs 198.26 crore for this fiscal's second quarter ended September 30. The company had profit after tax of Rs 202.3 crore in the

same period last fiscal, IFCI said. However, the total income rose to Rs 743.1 crore as compared to Rs 612.19 crore in the same quarter a year ago, registering an increase of 21.4 per cent, it said. Profit before provisions and other income improved to Rs 236 crore, as against Rs 230 crore in the corresponding quarter in previous year.

Business assets of the company have increased to Rs 24,505 crore at the end of September from Rs 23,045 crore as at March 31, 2011, registering a growth of 6.34 per cent. During the first half of 2011-12, the company's net profit remained flat at Rs 320 crore. The Capital Adequacy Ratio of IFCI stood at 19.3 per cent while net interest margin for the half-year was 2.5 per cent at the end of September.

Source: Financial Express