(Corrects media packaging code to “IDFC FIRST BANK-STOCKS/” from “IDFC FIRST BANK-STOCK/”)
(Reuters) -Shares of IDFC First Bank fell nearly 7% on Monday to their lowest in 21 months after the private lender reported its third-quarter profit more than halved, hurt by higher bad loan provisions in the microfinance business.
IDFC First Bank, on Saturday, reported that gross slippages, or the loans classified as non-performing for the first time, in the microfinance segment jumped nearly 49% on-quarter to 4.37 billion rupees.
“The microfinance industry continues to drag earnings and we see the pain continuing for three-four quarters,” analysts at Jefferies said in a note.
The stock is down about 9% so far this month, after losing nearly 29% last year.
(Reporting by Sethuraman NR; Editing by Eileen Soreng)
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