Other income increased by 18 percent to Rs. 805 crore has been done.
The bank’s deposit growth during the quarter came in at 18 per cent thanks to differentiated offerings by its managing director and chief executive R Subramaniakumar.
Rising deposit growth will enable the bank to meet additional advance growth going forward, he said.
On the advances front, the bank will focus on secured retail products like business loans and housing loans going forward, he said, adding that both grew by 19 per cent overall, while housing grew by 52 per cent and rural vehicles by 74 per cent.
From an asset quality perspective, it has a credit card portfolio of Rs. 400 crore with a net slippage witnessing further stress.
The MD said that out of this Rs. 60 crore came from an intra-bank transition from a co-brand partner in portfolio management, adding that the bank expects a portion of it to do well in the couple. of quarters
The overall gross non-performing assets ratio increased to 2.69 percent from 3.22 percent in the year-ago period.
It had to halt microfinance disbursements during the first two months of the quarter due to elections, but is now back to normal.
Its storage efficiency has also declined in some pockets, and it expects the same to return going forward.
A senior bank official said NIM will remain flat for the first two quarters and it expects the number to pick up in the second half of the fiscal.
The overall capital adequacy was 15.56 percent, of which the core buffer was 13.85 percent. The MD said that while it is approaching shareholders with an enabling provision to raise money, there are no immediate plans to raise capital in the current financial year.
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