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Small finance lender Ujjivan Small Finance Bank on Friday reported a 41 per cent decline in net profit to Rs 55 crore in the quarter ended June due to higher provision related to Covid-19.
The bank had reported a profit after tax of Rs 94 crore in the same quarter of previous fiscal.
The profit dipped as we had made provision of Rs 129 crore on account of Covid, the bank's managing director and CEO Nitin Chugh said.
The bank's cumulative provision for Covid-19 stood at Rs 199 crore as of June 2020.
Net interest income was up 30 per cent to Rs 458
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