Total business grew by 10.46% YoY to Rs 435456 crore, with gross advances growing by 18.63% YoY to Rs 179195 crore and total deposits growing by 5.38% YoY to Rs 256261 crore.
Advances in Agriculture and MSME (RAM) sectors – The Bank’s RAM portfolio grew by 17.70% year-on-year to Rs 93720 crore, of which Retail Advances grew by 18.01%, Agricultural Advances by 13.22% and MSME Advances by 20.79% YoY. Recorded growth.
Reduction in NPA – Gross NPA reduced by 178 bps to 3.85% as on 31.12.2023 while Net NPA reduced by 68 bps to 0.98% as on 31.12.2023.
Strong Capital Adequacy Ratio – Capital Adequacy Ratio (CRAR) increased by 169 bps to 16.01% as on 31.12.2023 while Capital Adequacy Ratio Tier-1 increased by 196 bps y-o-y to 13.53% as on 31.12.2023.
Improved Profitability and Returns – Operating Profit for the nine months ended 31.12.2023 stood at Rs 3303 crore, showing a growth of 10.69% on YoY basis. Return on equity for the quarter stood at 13.07% registering an improvement of 80 bps on year-on-year basis.
Loan – deposit ratio – recorded an increase of 781 bps on year-on-year basis to 69.93%.
Key Features of the Business
Total turnover increased from Rs 394229 crore as on 31.12.2022 to Rs 435456 crore as on 31.12.2023 registering a growth of 10.46% year-on-year.
Total deposits increased from Rs 243170 crore as on 31.12.2022 to Rs 256261 crore as on 31.12.2023, registering a growth of 5.38% year-on-year.
Gross advances increased from Rs 151059 crore as on 31.12.2022 to Rs 179195 crore as on 31.12.2023, registering a growth of 18.63% year-on-year.
RAM (Retail, Agriculture and MSME) business grew from Rs 79627 crore as on 31.12.2022 to Rs 93720 crore as on 31.12.2023, registering a growth of 17.70% on YoY basis.
Retail advances increased from Rs 32375 crore as on 31.12.2022 to Rs 38207 crore as on 31.12.2023 registering a growth of 18.01% y-o-y, accounting for 20.67% and 28.92% y-o-y growth in housing loan and vehicle loan portfolio respectively. This was made possible by the growth recorded on year-on-year basis.
Agricultural advances increased from Rs 20627 crore as on 31.12.2022 to Rs 23353 crore as on 31.12.2023, registering a growth of 13.22% year on year.
MSME sector registered a growth of 20.79% year-on-year from Rs 26625 crore as on 31.12.2022 to Rs 32160 crore as on 31.12.2023.
Turnover per employee during the third quarter of the financial year 2023-24 increased to Rs 20.06 crore from Rs 18 crore in the same period last year.
Operating Profit for the nine months ended 31.12.2023 stood at Rs 3303 crore as compared to Rs 2984 crore for the nine months ended 31.12.2022, registering a growth of 10.69% on year-on-year basis. Operating Profit for the quarter ended 31.12.2023 stood at Rs 1119 Crore due to higher provisions as compared to Rs 1354 Crore for the quarter ended 31.12.2022, while Operating Profit for the quarter ended 30.09.2023 stood at Rs 982 Crore due to higher provisions. -A growth of 13.95% was recorded on quarter-on-quarter basis.
Net Profit for the nine months ended 31.12.2023 stood at Rs 1128 crore as compared to Rs 1281 crore for the same period last year due to higher provisions. Net Profit for the quarter ended 31.12.2023 was Rs 503 Crore as compared to Rs 653 Crore for the quarter ended 31.12.2022, while Net Profit for the quarter ended 30.09.2023 registered a growth of 25.12% on quarter-on-quarter basis. While doing Rs. Was 402 crores.
Net Interest Income (NII) for the nine months ended 31.12.2023 stood at Rs 5914 crore as compared to Rs 5371 crore for the nine months ended 31.12.2022, registering a growth of 10.11% on year-on-year basis.
asset quality
Gross NPA has improved to 3.85% as on 31.12.2023 as compared to 5.63% as on 31.12.2022, an improvement of 178 bps.
Net NPA has improved to 0.98% as on 31.12.2023 as compared to 1.66% as on 31.12.2022, an improvement of 68 bps.
The provision coverage ratio has improved to 95.21% as on 31.12.2023 as compared to 93.58% as on 31.12.2022, registering an increase of 163 bps.
capital adequacy
Capital Adequacy Ratio (CRAR) as on 31.12.2023 improved to 16.01% with Tier 1 ratio at 13.53% as compared to 14.32% as on 31.12.2022 with Tier 1 ratio at 11.57%. Thus CRAR and Tier 1 improved by 169 bps and 196 bps respectively.
branch network
The Bank’s branch network consists of 3217 domestic branches and 2 overseas branches in Hong Kong and Singapore respectively, and 1 representative office in Iran. Of the total branches, 61.77% i.e. 1987 branches of the bank are in rural and semi-urban areas. As of December 31, 2023, the bank has 2475 ATMs and 9146 BC Points. So we have a total of 14841 touch points.
The Bank has opened 26 new branches during the nine months ending 31.12.2023.
