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A seasonally strong quarter in terms of credit disbursal, along with a pick-up in economic activity is set to aid private banks’ earnings in the March quarter of financial year 2020-21 (Q4FY21). However, while the year-on-year (YoY) report card may show a stellar improvement, courtesy low base effect, sequential performance may be largely flat as the sector grapples with a second wave of Covid-19. Analysts believe that the truer impact of Covid-19 as regards non-performing assets (NPAs) could be visible in the quarter even as banks may be tempted to remain prudent while creating provisions due to the second virus wave. ....