The bank’s net profit was Rs 73 crore in the year ago period. Its net interest margin, a key profitability parameter, fell sharply at 7.9% against 11.2% over the same period.
Its operating profit fell about 17% at Rs 159 crore for the quarter as against Rs 191 crore in the year ago period with interest income falling 16% at Rs 618 crore as against Rs 738 crore over the same period.
Other income at Rs 117 crore as against Rs 72 crore helped rise in net profit. The bank wrote back Rs 25 crore of provisions during the quarter while it had provided Rs 97 crore in the year ago period.
The bank however said that its total provision against bad loans stood at Rs 955 crore at the end of March covering 6.3% of gross advances, which rose 7% year-on-year to Rs 15,140 crore.
It disbursed Rs 4,274 crore in the March quarter compared with Rs 3,254 crore in the year ago period while 3.15 lakh new customers logged in. Contribution of non-micro banking lending rising to 28% of total portfolio as against 23% as of March 31, last year.
Gross non-performing asset ratio deteriorated to 7% at the end of the reporting period against 1% a year back while repayment collection remained stable at 94% at the end of March.
