Latest News | IDFC Ltd Net Loss Narrows to Rs 206 Cr in Oct-Dec

New Delhi, Feb 13 (PTI) IDFC Ltd on Saturday reported narrowing of its consolidated net loss to Rs 205.59 crore in the third quarter ending December 2020.

The company had posted a net loss of Rs 342.67 crore in the year-ago period. Sequentially, the loss widened from Rs 146.68 crore in the second quarter ending September 2020.

Total income fell to Rs 106.18 crore during the October-December (Q3) quarter as against Rs 121.53 crore in the year-ago quarter, IDFC Ltd said in a regulatory filing.

Private sector lender IDFC First Bank is an associate company of IDFC Ltd.

With regard to IDFC First Bank, it said the lender has sought for renewal of dispensation from the Reserve Bank of India, which was valid till December 31, 2019, to grandfather certain loan accounts which were given by the erstwhile Capital First Limited as a Non Banking Financial Company (NBFC).

"Whilst the application for renewal of dispensation is pending approval with RBI, the bank expects that the dispensation will be granted and that this matter has no material financial impact on the results of the bank," it said in the filing.

IDFC has various direct and indirect subsidiary, associate companies as well as three indirect joint ventures.

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