IDFC Bank net rises 6.6% in Q4

Acquisitions in microfinance space on cards

 

Managing Director Rajiv Lall Photo: Suryakant Niwate (File Photo)

India’s newest full commercial lender IDFC Bank reported a 6.6 per cent rise in its fourth quarter profit, as it continued to incur heavy expenses to improve its presence across the country.

The bank has chalked up aggressive expansion plans, including acquisitions of entities dealing with retail clients, mostly in the microfinance space, said Managing Director Rajiv Lall in an interaction with reporters.

Profit for the quarter ended March 31 was Rs 176 crore, against Rs 165.1 crore in the year-ago quarter.