For June quarter of FY21, the bank reported a 64.37 per cent year-on-year (YoY) decline in consolidated net profit at Rs 510.34 crore, as against a net profit of Rs 1,432.50 crore in the corresponding quarter last year. Its net interest income (NII) for the quarter increased by 16 per cent YoY to Rs 3,309 crore, while Net interest margin improved to 4.28 per cent from 4.25 per cent for Q4FY20.
"Total provisions for Q1FY21 was at Rs 2,259 crore from Rs 431 crore a year ago. In the preceding quarter, Rs 2,440 crore was kept aside as provisions. As on June 30, the bank held Covid provisions of Rs 1,203 crore, including provision made during the quarter of Rs 920 crore," the bank said in a statement.
At 2:08 pm, the stock was quoting at Rs 610, up 7.4 per cent on the BSE, as against 0.35 per cent gain in the S&P BSE Sensex. A combined 41.42 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.