IDFC Bank posts Q1 loss since market debut
IDFC Bank’s net loss was Rs370 crore for the quarter ended 30 September, compared with a profit of Rs234 crore a year ago
Bengaluru: IDFC Bank Ltd on Wednesday posted its first quarterly loss since its stock market debut in November 2015, as the bank set aside funds to comply with regulatory norms.
The bank’s net loss was Rs370 crore ($50.59 million) for the quarter ended 30 September, compared with a profit of Rs234 crore a year ago, the private sector lender said in a statement.
Gross bad loans as a percentage of total loans narrowed to 1.63% at September-end, compared with 3.24% in the preceding quarter and 3.92% in the same period a year ago.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)
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