IGI Logo

The bank reported standalone net profit of Rs 165.08 crore for the quarter ended March 31, 2021 as compared to Rs 57.57 crore in the same period last year, registering a year-on-year growth of 186.75 per cent. Interest income of the bank rose by 10.38 per cent at Rs 3097.63 crore for the quarter ended March 31, 2021 as against Rs 2806.30 crore in the corresponding period last year.

During the January-March quarter, total income rose substantially by 35.48 per cent to Rs 4,332.99 crore from Rs 3,198.30 crore in the year ago period. Meanwhile, operating expenses increased by 7.30 per cent to Rs 2,793.30 crore from Rs 2,603.23 crore in the same period last year.

Operating profit surged 158.74 per cent to Rs 1,539.69 crore from Rs. 595.07 crore. Provisions and Contingencies surged by 44.02 per cent at Rs 1,310.76 crore from Rs 910.11 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 35.26 per cent at Rs 1,383.02 crore versus Rs 1,022.50 crore in the year ago period. Non-interest income rose 215.14 per cent year-on-year to Rs 1,235.36 crore. On the asset side, gross non- performing assets (NPAs) fell to 7.23 per cent of the gross advances as at the end of March 31, 2021 from a level of 12.81 per cent year earlier. Its net NPAs or bad loans too declined to 2.48 per cent of net advances on March 31, 2021 from 4.77 per cent a year ago.