IDFC First Bank Ltd.'s share price fell as the lender reported a significant decline in profit for the quarter ended September. The net profit declined over 73% to Rs 201 crore. This downturn is primarily due to a sharp increase in provisions, which rose to Rs 1,732 crore from Rs 528 crore a year ago, according to V Vaidyanathan, Managing Director and CEO. Shares of the company almost hit the lower circuit in early trade on Monday after it announced September quarter results over the weekend. Vaidyanathan spoke on the exit of a long standing client with an exposure of Rs 1,100 crore and how they did not want to be a hostage to the profitability of future quarters.
#idfc #banks #stockmarket
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