Key Highlights of the Results -Q3FY24
Business Growth -Total Business grew by 10.46% to Rs.435456 crore on y-o-y, wherein Gross Advances increased by 18.63% to Rs. 179195crore on y-o-y & Total Deposits grown by 5.38% on y-o-y to Rs.256261 crore.
Advances in Retail, Agriculture & MSME (RAM) Sectors - RAM segment of the Bank increasedby 17.70% to Rs.93720 crore on y-o-y backed by 18.01% y-o-y growth in Retailadvances , 13.22%y-o-y growthin Agriculture advances and 20.79% y-o-y growth in MSME advances.
Reduction in NPA -Gross NPA reduced by 178 bps to 3.85% as on 31.12.2023 whereas Net NPA reduced by 68 bps to 0.98% as on 31.12.2023.
Strong Capital Adequacy Ratio - Capital Adequacy Ratio (CRAR) improved by 169 bps to 16.01 % as on 31.12.2023 wherein Tier I Capital Ratio improved by 196 bps to 13.53% as on 31.12.2023 on y-o-y .
Improved Profitability& Return -Operating Profit for the nine months ended 31.12.2023 stood at Rs.3303 crore showing an increase of 10.69% to on y-o-y basis. Return on Equity for the quarterregistered an improvement of 80 bps to13.07% on y-o-y basis
Credit to Deposit Ratioregistered an improvement of 781 bps to 69.93% on y-o-y basis.Business Highlights
Total Business grew by 10.46%on y-o-yto Rs.435456crore as on 31.12.2023 from Rs.394229 crore as on 31.12.2022.
Total Deposits increased by 5.38%on y-o-ybasis to Rs.256261 crore as on 31.12.2023from Rs.243170 crore as on 31.12.2022.
Gross Advances grew 18.63 % on y-o-y to Rs.179195crore as on 31.12.2023as against Rs.151059 crore as on 31.12.2022.
RAM (Retail, Agri & MSME) business stood at Rs.93720 crore as on 31.12.2023as against Rs.79627 crore as on 31.12.2022, registering an improvement of 17.70% on y-o-y basis.
Retail Advances stood at Rs.38207 crore as on 31.12.2023 as against Rs.32375 crore as on 31.12.2022registering a growthof18.01%on y-o-y basis,fuelled by Home loan and Vehicle loan portfolio which registered a growth of 20.67% and 28.92% respectivelyon y-o-y basis.
Agriculture Advances stood at Rs.23353crore as on 31.12.2023 as against Rs.20627 crore as on 31.12.2022, showing a growth of 13.22%on y-o-y basis.
Advances to MSME sector stood at Rs.32160 crore as on 31.12.2023 as against Rs.26625 crore as on 31.12.2022, registered a growthof20.79%on y-o-y basis.
Business per employee improved to Rs.20.06 crore during Q3FY24 as against Rs.18crore for the same period of preceding year.
Operating Profit for the nine-month ended 31.12.2023 stood at Rs.3303 crore registering a growth of10.69% on y-o-ybasis as against Rs.2984 crore for theninemonth ended 31.12.2022. Operating Profit for the quarter ended 31.12.2023 stood at Rs.1119 crore as against Rs.1354 crore for thequarter ended 31.12.2022 on account of higher provisioning, whereas Operating Profit for the quarter ended 30.09.2023 was Rs.982 crore registering a growth of 13.95% on q-o-q basis.
Net Profit for the nine month ended 31.12.2023 stood at Rs.1128 crore as against Rs.1281 crore for the same period in the preceding year, on account of higher provisioning.Net Profit for the quarter ended 31.12.2023 stood at Rs.503 crore as against Rs.653 crore for thequarter ended 31.12.2022whereas Net Profit for the quarter ended 30.09.2023 was Rs.402 crore registering a growth of 25.12% on q-o-q basis.
Net Interest Income (NII) for the nine months ended 31.12.2023 stood at Rs.5914 crore registering a growth of 10.11% on y-o-y basis as against Rs.5371 crore for the nine month ended 31.12.2022.Asset Quality
Gross NPA improved to 3.85 % as on 31.12.2023 as against 5.63% as on 31.12.2022, registering an improvement of 178 bps.
Net NPA improved to 0.98 % as on 31.12.2023 as against 1.66% as on 31.12.2022, registering an improvement of 68 bps.
Provision Coverage Ratio improved to95.21% as on 31.12.2023 as against93.58% as on 31.12.2022, registering an improvement of 163 bps.Capital Adequacy
Capital Adequacy Ratio (CRAR) improved to 16.01 % as on 31.12.2023 as compared to 14.32% on 31.12.2022, with Tier 1 ratio of 13.53% as on 31.12.2023 as against 11.57% as on 31.12.2022, thereby registering an improvement of 169 bps and 196 bps in CRAR and Tier 1 respectively.Branch Network
Bank hasa network of 3217 domestic branches and 2 overseas branches each at Hongkong and SingaporeCentre& 1 Representative office in Iran. Out of the total branches, Bank has 61.77 % i.e.1987branches in rural & semi-urban areas. Bank has2475ATMs and 9146BC Points making the total number of 14841 touch points as on31st December 2023.
Bank had opened 26 new branches during the nine months ended 31.12.2023.
