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  Business   Companies  25 Apr 2018  IDFC Bank Q4 profit falls 76 pc as bad loan provisions surge

IDFC Bank Q4 profit falls 76 pc as bad loan provisions surge

REUTERS
Published : Apr 25, 2018, 8:40 am IST
Updated : Apr 25, 2018, 8:40 am IST

Net profit came in at 419.3 million rupees, for quarter ended March 31, compared with 1.76 billion rupees a year ago.

 Provisions and contingencies surged to 2.42 billion rupees in the quarter, from 48 million rupees in the year-earlier quarter.
  Provisions and contingencies surged to 2.42 billion rupees in the quarter, from 48 million rupees in the year-earlier quarter.

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.

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