The bank reported standalone net profit of Rs 22.07 crore for the quarter ended September 30, 2019 as compared to Rs 12.15 crore in the same period last year, registering a year-on-year growth of 81.65 per cent. Interest income of the bank rose by 3.55 per cent at Rs 253.34 crore for the quarter ended September 30, 2019 as against Rs 244.65 crore in the corresponding period last year.
During the July-September quarter, total income rose substantially by 22.11 per cent to Rs 276.85 crore from Rs 226.73 crore in the year ago period. Meanwhile, operating expenses dropped by 1.45 per cent to Rs 229.40 crore from Rs 232.77 crore in the same period last year. Operating profit surged 885.60 per cent to Rs 47.45 crore from Rs. -6.04 crore. Provisions and Contingencies surged by 239.53 per cent at Rs 25.38 crore from Rs -18.19 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 15.11 per cent at Rs 100.65 crore versus Rs 87.44 crore in the year ago period. Non-interest income rose 231.19 per cent year-on-year to Rs 23.51 crore. On the asset side, gross non- performing assets (NPAs) fell to 7.06 per cent of the gross advances as at the end of September 30, 2019 from a level of 7.81 per cent year earlier. Its net NPAs or bad loans too declined to 1.65 per cent of net advances on September 30, 2019 from 2.92 per cent a year ago.