Private sector reported a 50% jump in net profit for the June quarter on account of 62% lower provision and higher net interest income.
Net interest income rose 32% at Rs 1,850 crore, while net interest margin for the quarter rose nearly 30 basis points to 2.4%.
Its operating profit rose 33% at Rs 590 crore despite a fall in treasury income.
The bank, which came out of the reconstruction scheme with formation of an alternate board effective from July 15, improved its asset quality. Gross non-performing assets ratio fell to 13.45% from 13.93% a quarter back while net NPA was at 4.17% against 4.53%.
The bank's net advances stood at Rs 1,86,367 crore. Its capital adequacy stood at 17.7%.
Kumar exudes confidence of achieving 15% advance growth during the fiscal with 10% corporate loan growth along with other targets such as 35% CASA (current and savings accounts) ratio and recovering Rs 5000 crore of bad loans.
The bank could restrict fresh slippages to Rs Rs 1,072 crore against Rs 2,233 crore in the year-ago period. In the June quarter, it recovered and upgraded Rs 1532 crore.
The new board recommended reappointment of Kumar for three more years to the Reserve Bank of India.
Net interest income rose 32% at Rs 1,850 crore, while net interest margin for the quarter rose nearly 30 basis points to 2.4%.
Its operating profit rose 33% at Rs 590 crore despite a fall in treasury income.
The bank, which came out of the reconstruction scheme with formation of an alternate board effective from July 15, improved its asset quality. Gross non-performing assets ratio fell to 13.45% from 13.93% a quarter back while net NPA was at 4.17% against 4.53%.
The bank's net advances stood at Rs 1,86,367 crore. Its capital adequacy stood at 17.7%.
Kumar exudes confidence of achieving 15% advance growth during the fiscal with 10% corporate loan growth along with other targets such as 35% CASA (current and savings accounts) ratio and recovering Rs 5000 crore of bad loans.
The bank could restrict fresh slippages to Rs Rs 1,072 crore against Rs 2,233 crore in the year-ago period. In the June quarter, it recovered and upgraded Rs 1532 crore.
The new board recommended reappointment of Kumar for three more years to the Reserve Bank of India.
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