IDFC Bank fourth-quarter profit falls 76% as bad loan provisions surge
Updated : April 24, 2018 06:36 PM IST
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% at end-March, compared with 5.62% in the preceding quarter and 2.99% a year ago.
Provisions and contingencies surged to 2.42 billion rupees in the quarter, from 48 million rupees in the year-earlier quarter.
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