Bandhan Bank's pre-tax profit drops 40% in Q1 on higher provisioning

Private sector lender Bandhan Bank has reported 40 per cent drop in pre-tax profit in the first quarter (Q1) of 2020-21 (FY21). This is largely due to additional provisioning made against the material impact of Covid-19 on standard assets.

Pre-tax profit of the bank in Q1FY21 stood at Rs 735 crore, compared to Rs 1,231 crore in Q1 of 2019-20 (FY20). Net profit was Rs 550 crore versus Rs 804 crore — down 32 per cent.  The operating profit of the bank was up 16.81 per cent to Rs 1,584 crore from Rs 1,356 crore in the corresponding quarter of