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The bank reported standalone net profit of Rs 69.95 crore for the quarter ended December 31, 2019 as compared to Rs 225.19 crore in the same period last year, registering a year-on-year decline of 68.94 per cent. Interest income of the bank rose by 31.63 per cent at Rs 2157.33 crore for the quarter ended December 31, 2019 as against Rs 1638.93 crore in the corresponding period last year.
During the October-December quarter, total income rose substantially by 31.36 per cent to Rs 2,644.30 crore from Rs 2,012.99 crore in the year ago period. Meanwhile, operating expenses increased by 26.25 per cent to Rs 1,912.13 crore from Rs 1,514.52 crore in the same period last year. Operating profit surged 46.88 per cent to Rs 732.17 crore from Rs. 498.47 crore.
Provisions and Contingencies surged by 297.24 per cent at Rs 638.29 crore from Rs 160.68 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 40.85 per cent at Rs 922.65 crore versus Rs 655.08 crore in the year ago period. Non-interest income rose 30.18 per cent year-on-year to Rs 486.97 crore.
On the asset side, gross non- performing assets (NPAs) rose to 3.33 per cent of the gross advances as at the end of December 31, 2019 from a level of 1.38 per cent year earlier. Its net NPAs or bad loans too increased to 2.07 per cent of net advances on December 31, 2019 from 0.72 per cent a year ago.