January 19, 2018 / 9:28 AM / 4 months ago

IDFC Bank third-quarter profit dives 24 percent

(Reuters) - Private sector lender IDFC Bank Ltd reported a nearly 24 percent fall in its quarterly profit on Friday, hurt by higher expenses.

Net profit for the quarter, ended Dec. 31, came in at 1.46 billion rupees ($22.91 million) compared with 1.91 billion rupees a year ago. bit.ly/2rm3qEi

Gross bad loans as a percentage of total loans stood at 5.62 percent at end-December, compared with 3.92 percent in the preceding quarter and 7.03 percent a year ago.

($1 = 63.7275 Indian rupees)

Reporting By Arnab Paul in Bengaluru; Editing by Sherry Jacob-Phillips

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