42 NBFCs, housing finance companies increased their provisioning under Indian accounting: EY report

The report noted an increase in Expected Credit Loss (ECL) allowance by 33% and an overall increase in provision coverage rate by 26% as at 31 March 2020 compared to the year ended 31 March 2019. The EY Study, , ‘Expected credit loss analysis for non-banking financial companies’ also shows that companies reported a COVID-19 impact comprising 19% of the ECL allowance as at 31 March 2020.

from Banking/Finance-Industry-Economic Times https://ift.tt/3mbfhw0