The bank’s operating profit increased by 41% to Rs 546 crore during the quarter, compared to Rs 388 crore in the same period of the previous year. The bank’s net interest income also increased by 12% to Rs 557 crore in the quarter, compared to Rs 498 crore in the same period last year.
The bank’s asset quality has also improved significantly, with gross NPAs decreasing to 6.97% from 7.63% in the previous quarter and 10.27% in the same period last year. The bank’s net NPAs also decreased to 3.41% from 4.51% in the previous quarter and 5.50% in the same period last year.
The bank’s provision coverage ratio, a measure of how much money the bank has set aside to cover bad loans, has also improved to 86.81%, compared to 80.47% a year ago.
In a statement, the bank’s Managing Director, S Krishnan, said, The bank has been focusing on strengthening its asset quality, and this is reflected in the reduction of the gross and net NPAs. We have also been working on improving our operating profit and net interest income, which have shown significant growth in the quarter.
The bank’s total business grew by 3.38% to Rs 1.7 lakh crore, with deposits increasing by 3.72% to Rs 98,535 crore and advances increasing by 2.94% to Rs 71,177 crore.
The bank’s performance has been positively impacted by the government’s efforts to improve the health of the banking sector in the country. The government has been working to recapitalize public sector banks and has also introduced measures to address the issue of bad loans in the banking sector.
With the bank’s Q4 results showing a significant improvement in its financial health, investors will be closely watching its performance in the coming quarters. The bank’s efforts to strengthen its asset quality and improve its operating profit and net interest income will be key factors in determining its future performance.
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