REUTERS - India’s IDFC Bank Ltd reported a 7 percent rise in fourth-quarter net profit on Tuesday, helped by an increase in interest income and a drop in provisions for bad loans.
Profit rose to 1.76 billion rupees ($27.36 million) from 1.65 billion rupees in the year ago period, while net interest income grew 22.4 percent to 22.23 billion rupees, the company said. (bit.ly/2oHOEC0)
Gross bad loans as a percentage of total loans fell to 2.99 percent in the March quarter, from 7.03 percent in the December quarter.
($1 = 64.3200 rupees)
Reporting By Arnab Paul in Bengaluru; Editing by Biju Dwarakanath