Q1 results: Private banks' net profit up 33.6%, provisions fall 11.5%

Out of the 14 private lenders that have declared results, only one bank booked a net loss in Q1 of FY22 on account of provisions for Covid

Topics
Private banks | Q1 results | loans

Abhijit Lele  |  Mumbai 

Private banks’ net profit rose by 33.6 per cent year-on-year (YoY) in the April-June 2021 quarter and 18.8 per cent sequentially over the January-March quarter when the economy was hit by the second wave. Out of the 14 private lenders that have declared results, only one bank — IDFC First Bank — booked a net loss in Q1 of FY22 on account of provisions for Covid.

Provisions and contingencies fell both on a YoY basis (down 11.5 per cent) and sequentially (14.5 per cent) in the reporting quarter. This comes at a time when bank balance sheets are showing signs of stress due to ...

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First Published: Mon, August 02 2021. 06:03 IST
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