But a closer look reveals that the results are not as strong. In fact, the quality of earnings is weak.
For perspective: core PPoP has dropped 2.5% to â¹23,764 crore. Core PPoP is operating profit excluding volatile incomes such as treasury, forex gains, recoveries of past bad loans, etc. Also, it has been calculated before the provisions for employee cost that are mainly for the wage-hike settlement effective from November 2022.
Employee provisions drastically fell to â¹2,906 crore from as much as â¹19,221 crore a year ago as the base quarter included the impact of wage-hike provisions.
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