IDFC First Bank reports Q3 net loss of Rs 1,639 cr

IDFC First Bank on Wednesday reported a net loss of Rs 1,639 crore for the third quarter ended December 31. The bank, which came into existence recently after the merger of IDFC Bank and Capital First, had reported a net loss of Rs 2,504 crore for October-December period of 2018-19.

"The bank has provided 50 per cent for the legacy stressed telecom account, and it is now time to look ahead for growth," IDFC First Bank Managing Director and CEO V Vaidyanathan said in a statement. Total income for the quarter was up 50 per cent to Rs 2,113 crore as compared with same period of previous fiscal, the bank said.

Shares of IDFC First Bank on Wednesday ended 1.62 per cent higher at Rs 44 on the BSE.

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