Saturday, Apr 20, 2024 | Last Update : 05:43 AM IST
IDFC Bank Q4 profit falls 76 pc as bad loan provisions surge
Net profit came in at 419.3 million rupees, for quarter ended March 31, compared with 1.76 billion rupees a year ago.
India’s private sector lender IDFC Bank Ltd on Tuesday reported a 76 per cent plunge in its quarterly profit, hurt by a jump in provisions to cover bad loans.
Net profit came in at 419.3 million rupees ($6.3 million), for the quarter ended March 31, compared with 1.76 billion rupees a year ago, IDFC Bank reported.
Gross bad loans as a percentage of total loans stood at 3.31 per cent at end-March, compared with 5.62 per cent in the preceding quarter and 2.99 per cent a year ago.
Provisions and contingencies surged to 2.42 billion rupees in the quarter, from 48 million rupees in the year-earlier quarter.
