IDFC First Bank logs Rs 630-cr Q1 loss on Covid provisioning

IDFC First Bank on Saturday reported a web lack of Rs 630 crore within the April-June quarter on account of provisioning measures for cushioning the affect of the second wave of the Covid-19 pandemic.
The financial institution had posted a web revenue of Rs 93.55 crore within the year-ago quarter led to June 2020 and that of Rs 127.81 crore within the earlier quarter led to March 2021.
“Net loss of Rs 630 crore for Q1FY22 is because of prudent provisions for Covid wave 2.0. Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact,” IDFC First Bank stated in a launch.
The financial institution expects to gather an inexpensive proportion of those dues sooner or later, it added.