IDFC Bank Reports First Quarterly Loss Since Market Debut

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 Rs 370 crore ($50.59 million) for the quarter ended September 30, compared with a profit of Rs 234 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 per cent at September-end, compared with 3.24 per cent in the preceding quarter and 3.92 per cent in the same period a year ago.

($1 = 73.1300 Indian rupees)