Business Growth –Total Business grew by 11.46% to Rs.461408 crore on y-o-y, wherein Gross Advances increased by 17.64% to Rs. 193253crore on y-o-y & Total Deposits grown by 7.39% on y-o-y to Rs.268155 crore.

 Improved Profitability & Return – Net profit for the quarter ending 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period of preceding year, registering a growth of 147.09% y-oy. Operating Profit for the quarter ended 30.06.2024 stood at Rs.1321 crore showing an increase of 9.81% on y-o-y basis.

 Advances in Retail, Agriculture & MSME (RAM) Sectors – RAM segment of the Bank increasedby 18.65% to Rs.101986crore on y-o-y backed by 21.84% y-o-y growth in Retailadvances ,19.64%y-o-y growthin Agriculture advances and 14.04% y-o-y growth in MSME advances.

 Reduction in NPA –Gross NPA reduced by 116 bps y-oy to 3.32%as on 30.06.2024 whereas Net NPA reduced by 40 bps y-oy to 0.78% as on 30.06.2024.

Strong Capital Adequacy Ratio – Capital Adequacy Ratio (CRAR) improved by 24 bpsy-o-y to 17.09% as on 30.06.2024 wherein Tier I Capital Ratio improved by 59 bps y-o-y to 14.75% as on 30.06.2024.

Credit to Deposit Ratioregistered an improvement of 636 bps to 72.07% on y-o-y basis.

Business Highlights

• Total Business grew by 11.46%on y-o-yto Rs.461408crore as on 30.06.2024 from Rs.413972 crore as on 30.06.2023.
• Total Deposits increased by 7.39%on y-o-ybasis to Rs.268155 crore as on 30.06.2024from Rs.249694 crore as on 30.06.2023.
• Gross Advances grew 17.64 % on y-o-y to Rs.193253crore as on 30.06.2024as against Rs.164278 crore as on 30.06.2023.
•  RAM (Retail, Agri & MSME) business stood at Rs.101986 crore as on 30.06.2024as against Rs.85952 crore as on 30.06.2023, registering an improvement of 18.65% on y-o-y basis.
•  Retail Advances stood at Rs.42985 crore as on 30.06.2024 as against Rs.35280 crore as on 30.06.2023registering a growthof21.84%on y-o-y basis,fuelled by Home loan and Vehicle loan portfolio which registered a growth of 20.37% and 33.33% respectivelyon y-o-y basis.
• Agriculture Advances stood at Rs.25950crore as on 30.06.2024 as against Rs.21690 crore as on 30.06.2023, showing a growth of 19.64%on y-o-y basis.
•  Advances to MSME sector stood at Rs.33051 crore as on 30.06.2024 as against Rs.28982 crore as on 30.06.2023, registered a growthof14.04%on y-o-y basis.
• Business per employee improved to Rs.21.65 crore during Q1FY25 as against Rs.18.89crore for the same period of preceding year.
•  Operating Profit for the quarter ended 30.06.2024 stood at Rs.1321 crore registering a growth of9.81% on y-o-ybasis as against Rs.1203 crore for the same period of preceding year.
• Net Profit for the quarter ended 30.06.2024 stood at Rs.551 crore as against Rs.223 crore for the same period in the preceding year, registering a growth of 147.09% y-oy.
•  Net Interest Income (NII) for the quarter ended 30.06.2024stood at Rs.2254 crore registering a growth of 12.20% on y-o-y basis as against Rs.2009 crore for the same period of preceding year.

Asset Quality

• Gross NPA improved to 3.32 % as on 30.06.2024 as against 4.48% as on 30.06.2023, registering an improvement of 116 bps.
•  Net NPA improved to 0.78 % as on 30.06.2024as against 1.18% as on 30.06.2023, registering an improvement of 40 bps.
•  Provision Coverage Ratio improved to95.76% as on 30.06.2024 as against94.88% as on 30.06.2023, registering an improvement of 88 bps.

Capital Adequacy

 Capital Adequacy Ratio (CRAR) improved to 17.09 % as on 30.06.2024 as compared to 16.85% on 30.06.2023, with Tier 1 ratio of 14.75% as on 30.06.2024 as against 14.16% as on 30.06.2023, thereby registering an improvement of 24bps and 59bps in CRAR and Tier 1 respectively.

Branch Network

 Bank hasa network of 3230 domestic branches and 2 overseas branches each at Hongkong and SingaporeCentre& 1 Representative office in Iran. Out of the total branches, Bank has 61.73 % i.e.1994branches in rural & semi-urban areas. Bank has2477ATMs and 9885BC Points making the total number of 15595 touch points as on30thJune 2024.