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.