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IDFC First Bank posts pre-tax loss of Rs 1,623 crore in Q3

Makes heavy provision for telecom and legacy infra loan

IDFC Bank, parent merger on cards
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Abhijit Lele Mumbai
Private sector lender IDFC First Bank posted a pre-tax loss of Rs 1,623.04 crore in the third quarter ended December 2019 (Q3Fy20) due to heavy one-time provisions for telecom and legacy infrastructure loan account.

It had posted net pre-tax loss of Rs 2,503.91 crore in Quarter ended December 2018 (Q3Fy19).

Its stock closed 1.72 per cent higher at Rs 44 per share on BSE. Bank announced third quarter results late in night after seven hour meeting of its board.

The bank reported a net loss of Rs 1,638.8 crore for the quarter ended December 31, 2019, as compared to a

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First Published: Jan 29 2020 | 11:04 PM IST

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