The private sector bank has reported a standalone net profit of Rs 12,768.21 crore, which is a 15% increase from the previous year. This exceeded the expectations of analysts who had predicted it to be Rs 11,770 crore. In the March quarter, the bank’s bottom line was recorded at Rs 12,630 crore.
Financial Performance
The net interest income of the bank increased by 11% year-on-year to reach Rs 21,635 crore. The bank’s net interest margin was 4.34% in the June quarter, slightly lower than the 4.41% in the previous quarter and 4.36% from a year ago.
Asset Quality
The private sector bank’s asset quality remained stable, with the gross non-performing assets (NPA) ratio staying flat at 1.67% in the quarter. However, the net NPA ratio saw a slight increase to 0.41% from 0.39% in the prior quarter.
NPA Details
The gross NPA additions increased to Rs 6,245 crore from Rs 5,142 crore in the March quarter. Recoveries and upgrades of NPAs were Rs 3,211 crore during this quarter.
Loan Portfolio and Deposits
The total advances of the bank grew by over 12% to Rs 13.64 lakh crore, with retail loans comprising 52.2% of the total portfolio. Business banking, rural, and domestic corporate portfolios also saw growth in the range of 5% to 34%.
Deposits in the bank increased by 13% year-on-year to reach Rs 16.08 lakh crore. The average current account and savings account deposits ratio slightly decreased to 38.7% in April-June.
Overall, the private sector bank has shown strong financial performance with significant growth in net profit, loan portfolio, and deposits.
