The bank reported standalone net profit of Rs 144.16 crore for the quarter ended September 30, 2020 as compared to Rs 54.31 crore in the same period last year, registering a year-on-year growth of 165.44 per cent.
Interest income of the bank declined by 2.30 per cent at Rs 2077.26 crore for the quarter ended September 30, 2020 as against Rs 2126.15 crore in the corresponding period last year.
During the July-September quarter, total income dipped marginally by 1.33 per cent to Rs 2,533.47 crore from Rs 2,567.68 crore in the year ago period. Meanwhile, operating expenses dropped by 6.12 per cent to Rs 1,813.71 crore from Rs 1,931.86 crore in the same period last year. Operating profit surged 13.20 per cent to Rs 719.76 crore from Rs. 635.82 crore.
Provisions and Contingencies slipped by 1.45 per cent at Rs 525.57 crore from Rs 533.30 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 7.30 per cent at Rs 932.07 crore versus Rs 868.69 crore in the year ago period. Non-interest income rose 3.32 per cent year-on-year to Rs 456.21 crore.
On the asset side, gross non- performing assets (NPAs) fell to 0.03 per cent of the gross advances as at the end of September 30, 2020 from a level of 2.60 per cent year earlier. Its net NPAs or bad loans too declined to 0.01 per cent of net advances on September 30, 2020 from 1.56 per cent a year ago.