IGI Logo

The bank reported standalone net profit of Rs 512.20 crore for the quarter ended March 31, 2021 as compared to Rs 135.39 crore in the same period last year, registering a year-on-year growth of 278.31 per cent. Interest income of the bank rose by 3.27 per cent at Rs 5781.75 crore for the quarter ended March 31, 2021 as against Rs 5598.45 crore in the corresponding period last year.

During the January-March quarter, total income rose by 0.54 per cent to Rs 6,962.59 crore from Rs 6,924.94 crore in the year ago period. Meanwhile, operating expenses dropped by 19.16 per cent to Rs 4,083.30 crore from Rs 5,051.14 crore in the same period last year. Operating profit surged 53.66 per cent to Rs 2,879.29 crore from Rs. 1,873.80 crore. Provisions and Contingencies surged by 55.08 per cent at Rs 2,456.65 crore from Rs 1,584.14 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 37.51 per cent at Rs 3,240.07 crore versus Rs 2,356.27 crore in the year ago period. Non-interest income dipped 10.98 per cent year-on-year to Rs 1,180.84 crore.

On the asset side, gross non- performing assets (NPAs) fell to 22.37 per cent of the gross advances as at the end of March 31, 2021 from a level of 27.53 per cent year earlier. Its net NPAs or bad loans too declined to 1.97 per cent of net advances on March 31, 2021 from 4.19 per cent a year ago.