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The bank reported standalone net profit of Rs 477.81 crore for the quarter ended March 31, 2021 as compared to Rs 301.23 crore in the same period last year, registering a year-on-year growth of 58.62 per cent. Interest income of the bank declined by 0.90 per cent at Rs 3366.34 crore for the quarter ended March 31, 2021 as against Rs 3396.84 crore in the corresponding period last year. During the January-March quarter, total income dipped moderately by 6.72 per cent to Rs 3,831.71 crore from Rs 4,107.95 crore in the year ago period. Meanwhile, operating expenses dropped by 6.42 per cent to Rs 2,946.62 crore from Rs 3,148.63 crore in the same period last year. Operating profit slipped 7.74 per cent to Rs 885.09 crore from Rs. 959.32 crore. Provisions and Contingencies slipped by 57.30 per cent at Rs 242.33 crore from Rs 567.50 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 16.81 per cent at Rs 1,420.38 crore versus Rs 1,216.01 crore in the year ago period. Non-interest income dipped 34.56 per cent year-on-year to Rs 465.37 crore. On the asset side, gross non- performing assets (NPAs) rose to 3.41 per cent of the gross advances as at the end of March 31, 2021 from a level of 2.84 per cent year earlier. Its net NPAs or bad loans too declined to 1.19 per cent of net advances on March 31, 2021 from 1.31 per cent a year ago.