PTINet Interest Income (NII), the difference between interest earned and interest expended, grew by nearly 19% sequentially to Rs 2,472 crore. Non-interest income declined by 39% quarter-on-quarter (QoQ) to Rs 629 crore for the quarter.
The operating profit for the quarter decreased by nearly 7% sequentially to Rs 1,796 crore.
Net interest margin for the March quarter was 7.3% compared to 6.5% a quarter ago.
The board has recommended a dividend of Rs 1.50 a share.
“The bank registered good growth in the fourth quarter with EEB business coming back to normalcy. We are building new capabilities to unlock greater business impact,” said Chandra Shekhar Ghosh, MD and CEO of the bank, in a release.
The new business streams such as commercial vehicle lending, loans against property for business, government business operations, among others, will add to the topline as well as the bottomline over the next few quarters,” Ghosh added.
For FY23, the lender reported a net profit of Rs 2,195 crore compared to Rs 126 crore a year ago. NII grew by 6.3% to Rs 9,260 crore. The non-interest income declined by 12.5% to Rs 2,469 crore, while operating profit fell 11.5% to Rs 7,091 crore.
The net interest margin for the year ended March stood at 7.2% compared to 8.2% a year ago.
Total advances as of March end stood at Rs 1.09 lakh crore, up 10% from the year-ago period. Meanwhile, total deposits as of March end were at Rs 1.08 lakh crore, about 12% higher than the year-ago period.
Gross non-performing assets (GNPA) as of March end were Rs 5,299 crore compared to Rs 6,380 crore a year ago. The GNPA ratio was down to 4.9% from 6.5% a year ago.
Net NPAs as of March end stood at Rs 1,228 crore compared to Rs 1,564 crore a year ago. The NNPA ratio was down to 1.2% from 1.7% a year ago.
Shares of the private sector lender ended 2.5% down at Rs 237.95 on the National Stock Exchange.
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