India’s private sector lender IDFC Bank Ltd on Tuesday reported a 76% plunge in its quarterly profit, hurt by a jump in provisions to cover bad loans.
Net profit came in at Rs41.93 crore ($6.3 million), for the quarter ended 31 March, compared with Rs176 crore a year ago, IDFC Bank reported.
Gross bad loans as a percentage of total loans stood at 3.31% at end-March, compared with 5.62% in the preceding quarter and 2.99% a year ago.
Provisions and contingencies surged to Rs242 crore in the quarter, from Rs4.8 crore in the year-earlier quarter.
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