The bank reported a 27% year-on-year growth in its net profit to reach Rs 2,581 crore compared to Rs 2,032 crore in the previous year, mainly driven by strong progress in the retail banking segment.
Total prepayments increased by 25% to Rs 2.94 crore, highlighting vigorous growth in retail lending, especially in unsecured personal loans, credit cards and long-term consumer loans, overcoming weaker performance in the corporate sector, where the credit portfolio decreased by 2% compared to June.
Net Interest Income (NII) rose to Rs 5,099 crore in September 2022, compared to Rs 4,021 crore a year ago, representing an increase of 27%.
Furthermore, other income increased by 8% to Rs 1,955 crore, while fees and commission income recorded a 24% increase, amounting to Rs 1,760 crore in additional income.
The Net Financial Margin (NIM), which represents the difference between the income from loans and the income paid on deposits, increased from 4.45% to 5.17% compared to the previous year.
The ratio of Savings Accounts (CASA) fell from 61% to 56% compared to the previous year.
Finally, overall non-performing loans (NPA) decreased from 3.19% to 2.08% compared to the previous year, and the bank maintained a robust reserve coverage ratio of 73.7%.
