Hurt by higher expenses, IDFC Bank Q3 profit drops 24% to Rs 1.46 billion

Gross bad loans as a percentage of total loans stood at 5.62% at end-December

Private sector lender IDFC Bank Ltd reported a nearly 24 per cent fall in its quarterly profit on Friday, hurt by higher expenses.

Net profit for the quarter, ended December 31, came in at Rs 1.46 billion ($22.91 million) compared with Rs 1.91 billion a year ago. 

Gross bad loans as a percentage of total loans stood at 5.62 per cent at end-December, compared with 3.92 per cent in the preceding quarter and 7.03 per cent a year ago.

($1 = 63.7275 Indian rupees)