Private lender IDFC Bank today reported a 21 percent fall in net profit at Rs 191.26 crore for the December quarter on account of rise in bad loans.
The bank had earned a net profit of Rs 242.16 crore during the same quarter of the previous fiscal, IDFC Bank said in statement. However, total income of the bank rose to Rs 2,585.9 crore from Rs 2,007 crore in the year-ago period.
Its portfolio quality deteriorated with gross non-performing assets (NPAs) rising to 7.03 percent of gross advances as against 3.09 percent in the same quarter of the previous fiscal.
The bank's net non-performing assets also jumped to 2.57 percent, from the earlier 0.98 percent. As a result, provisions and contingencies other than tax of the bank rose nearly 19-fold to Rs 231.75 crore during the quarter as compared to Rs 12.29 crore in the same quarter a year ago.
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