IDFC First Bank Q1 results: Covid provisioning leads to ₹630 cr net loss, asset quality dips3 min read 31 Jul 2021, 06:43 PM IST
Covid provision pool increased from ₹375 crore to ₹725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact, IDFC First Bank said
IDFC First Bank reported a net loss of ₹630 crore for the quarter ended June 30, 2021, due to provisioning measures for weathering the impact of the second wave of the Covid-19 pandemic. The private-sector lender had registered a net profit of ₹93.55 crore in the year-ago period and that of ₹127.81 crore in the previous quarter ended in March 2021.
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