The Jaipur-headquartered lender, which is in a transition into a universal bank, also announced the elevation of chief operating officer Yogesh Jain to deputy chief executive officer to strengthen the leadership bandwidth.
Its pre-provision operating profit rose 9% year-on-year at Rs 1435 crore, supported by a 32% surge in net interest income at Rs 2695 crore while a 97% fall in treasury earnings pulled other income down by 15% at Rs 689 crore.
The net interest margin for the quarter stood at 5.9%, improved by 47 basis points from what it was in the year-ago period. The key ratio however moderated 7 bps quarter-on-quarter.
The bank’s operating expenses increased 26% year-on-year at Rs 1949 crore, which the bank attributed to higher business volumes and investment in distribution, manpower, branding and technology.
Gross non-performing assets ratio improved to 2.1% as on June 30 from2.5% a year prior, backed by a 22% decline in fresh slippages at Rs 798 crore.. The provision for the quarter came down 30% to Rs 372 crore from Rs 533 crore, led by normalisation of unsecured business, the bank said.Its gross loan portfolio grew 23% year-on-year to Rs 1.44 lakh crore with secured business growth at 25% outpacing the unsecured loan expansion of 11%. Total deposits grew by 24% to Rs 1.58 crore.
