AgenciesKolkata: Backed by strong growth in core business, on Monday reported a 92% year-on-year jump in its net profit for the December quarter offsetting the rise in total provisions and contingencies.
The net profit stood at Rs 2882 crore against Rs 1502 crore in the year ago period. Operating profit saw a relatively modest 20% rise at Rs 6952 crore.
Its net interest margin for the quarter improved to 3.05% against 2.83% in the year-ago quarter. Net interest income at Rs 8600 crore was 24% higher year-on-year.
Executive director K Satyanarayana Raju said the bank aims to keep NIM at around 3% level.
Although the bank's total provisions rose, bad loan provisions were lower at Rs 1902 crore against Rs 2705 crore in line with improvement in asset quality.
Its gross non-performing assets ratio reduced to 5.89% at the end of December 2022 from 7.80% a year back. Net NPA was at 1.96% against 2.86%. Provision coverage ratio rose to 86.32% from 83.26% over the same period.
The lender saw its gross advances grow 16.65% to Rs Rs 8.51 lakh crore, well supported by a 34.2% rise in gold loans to Rs.1.15 lakh crore. Loans under retail, agriculture and MSME (RAM) as a group saw 13.8% rise to Rs 4.63 lakh crore, which is 54% of its total advances.
"We saw equitable distribution of corporate and RAM segments credit growth and this is likely to continue," executive director Debashish Mukherjee said.
The bank's total deposits rose 11.5% year-on-year to Rs 11.6 lakh crore at the end of December.
Its share price rose 1.2% to Rs 322.75 on BSE while Sensex closed 0.53% higher at 60.942. The bank announced its quarterly earnings during the market hours.
The net profit stood at Rs 2882 crore against Rs 1502 crore in the year ago period. Operating profit saw a relatively modest 20% rise at Rs 6952 crore.
Its net interest margin for the quarter improved to 3.05% against 2.83% in the year-ago quarter. Net interest income at Rs 8600 crore was 24% higher year-on-year.
Executive director K Satyanarayana Raju said the bank aims to keep NIM at around 3% level.
Although the bank's total provisions rose, bad loan provisions were lower at Rs 1902 crore against Rs 2705 crore in line with improvement in asset quality.
Its gross non-performing assets ratio reduced to 5.89% at the end of December 2022 from 7.80% a year back. Net NPA was at 1.96% against 2.86%. Provision coverage ratio rose to 86.32% from 83.26% over the same period.
The lender saw its gross advances grow 16.65% to Rs Rs 8.51 lakh crore, well supported by a 34.2% rise in gold loans to Rs.1.15 lakh crore. Loans under retail, agriculture and MSME (RAM) as a group saw 13.8% rise to Rs 4.63 lakh crore, which is 54% of its total advances.
"We saw equitable distribution of corporate and RAM segments credit growth and this is likely to continue," executive director Debashish Mukherjee said.
The bank's total deposits rose 11.5% year-on-year to Rs 11.6 lakh crore at the end of December.
Its share price rose 1.2% to Rs 322.75 on BSE while Sensex closed 0.53% higher at 60.942. The bank announced its quarterly earnings during the market hours.
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