Expressnews
Key Highlights (Quarter ended Mar’24 over Mar’23)
Bank’s Global Business reached ₹12.22 lakh Cr, up by 12%YoY
• Net Profit up by 55% YoY at ₹2247 Cr in Mar’24 from ₹1447Cr in Mar’23
• Profit Before Taxes up by 111% YoY at ₹3057 Cr in Mar’24from ₹1452 Cr in Mar’23
• Operating Profit improved by 7% YoY to ₹4305 Cr in Mar’24from ₹4016 Cr in Mar’23
• Net Interest Income increased by 9% YoY to ₹6015 Cr in Mar’24 from ₹5508 Cr in Mar’23
• Fee based income grew by 6% YoY to ₹970 Cr in Mar’24from ₹914 Cr in Mar’23
• Return on Assets (RoA) up by 33 bps to 1.15% in Mar’24from 0.82% in Mar’23
• Return on Equity (RoE) increased by 358 bps to 19.06% inMar’24 from 15.48% in Mar’23
• Yield on Advances (YoA) up by 64 bps to 8.81% in Mar’24from 8.17% in Mar’23
• Yield on Investments (YoI) increased by 26 bps to 6.88% in Mar’24 from 6.62% in Mar’23
• Gross Advances increased by 13% YoY to ₹533773 Cr in Mar’24 from ₹473586 Cr in Mar’23
• RAM (Retail, Agriculture & MSME) advances grew by 14%YoY to ₹309918 Cr in Mar’24 from ₹272679 Cr in Mar’23
• RAM contribution to gross domestic advances is 62.21%. Retail, Agri & MSME advances grew by 15%, 19% and 6%YoY respectively. Home Loan (Including mortgage) grew by 11% YoY, Auto Loan by 49% YoY and Personal Loan by 10% YoY
• Priority sector advances as a percentage of ANBC stood at 43.82% at ₹178527 Cr in Mar’24 as against the regulatory requirement of 40%
• Total Deposits increased by 11% YoY and reached to ₹688000Cr in Mar’24. CASA deposit grew by 8%, savings deposit grew by 7% and Current deposit by 9% YoY
• Domestic CASA ratio stood at 42.31% as on 31st Mar’24
• CD ratio stood at 77.58% as on 31st Mar’24
• GNPA decreased by 200 bps YoY to 3.95% in Mar’24 from 5.95%, NNPA reduced by 47 bps to 0.43% from 0.90% in Mar’23
• Provision Coverage Ratio (PCR, including TWO) improved by 252 bps YoY to 96.34% in Mar’24 from 93.82% in Mar’23
• Slippage Ratio contained to 1.11% in Mar’24 in comparison to 2.43% in Mar’23 i.e improvement of 132 bps YoY
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Key Highlights (Quarter ended Mar’24 over Dec’23)
Capital Adequacy Ratio stood at 16.44%. CET-I improved by 63 bps YoY to 13.52%
Tier I Capital improved by 55 bps YoY to 14.03%
• Net Profit up by 6% QoQ to ₹2247 Cr in Mar’24 from ₹2119Cr in Dec’23
• Operating Profit improved by 5% YoY ₹4305 Cr in Mar’24 from ₹4097 Cr in Dec’23
• Net Interest Income improved to ₹6015 Cr in Mar’24 as against ₹5815 Cr in Dec’23
• Return on Assets (RoA) improved to 1.15% in Mar’24 from 1.11% in Dec’23
• Yield on Advances (YoA) improved to 8.81% from 8.78% in Dec’23 and Yield on Investments (YoI) improved to 6.88% inMar’24 from 6.80% in Dec’23
• Domestic Net Interest Margin (NIM) improved to 3.52% in Mar’24 from 3.49% in Dec’23
The Board of Directors recommended a dividend @ 120%amounting ₹12 per equity share for FY24 subject to requisite approvals.
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Key Highlights (Year ended Mar’24 over Mar’23)
Net Profit up by 53% YoY to ₹8063 Cr in FY24 from ₹5282Cr in FY23
• Profit Before Taxes up by 85% YoY at ₹10951 Cr in FY24from ₹5915 Cr in FY23
• Operating Profit increased by 10% at ₹16840 Cr in FY24 from ₹15271 Cr in FY23
• Net Interest Income grew by 15% to ₹23274 Cr in FY24 from ₹20225 Cr in FY23
• Return on Assets (RoA) increased by 30 bps to 1.07% inFY24 from 0.77% in FY23
• Return on Equity (RoE) up by 451 bps to 19.24% in FY24 from 14.73% in FY23
• Domestic Net Interest Margin (NIM) increased by 13 bps to 3.54% in FY24 from 3.41% in FY23
• Yield on Advances (YoA) up by 96 bps to 8.72% in FY24 from 7.76% in FY23
• Yield on Investments (YoI) increased by 35 bps to 6.80% in FY24 from 6.45% in FY23
• Cost to Income Ratio is 45.92% for FY24
Network:
• The Bank has 5847 domestic branches (including 3 DBUs), out of which 1985 are Rural, 1530 are Semi-Urban, 1174 are Urban & 1158 are in Metro category. The Bank has 3overseas branches & 1 IBU.
• The Bank has 4937 ATMs & BNAs and 11297 number of BCs.
Digital Banking:
• Business through Digital Channels has reached to ₹81,250 Cr.A total of 78 Digital Journeys, Utilities and Processes have been launched so far.
• The number of Mobile Banking users has grown by 45% year over year, reaching 1.67 Cr.
• Both UPI users and Net Banking Users have seen a 37% YoY increase, reaching 1.75 Crores and 1.06 Crores respectively.
• The count of UPI QR merchants on-boarded has risen by 43%YoY, while the total number of Point of Sale (PoS) terminals has increased by 58% YoY, reaching a total of 21,580.
Awards & Accolades:
• Bank was adjudged the Most Preferred Workplace in BSFI sector for 2023-24 by Marksmen Daily.
• Bank topped among all the PSBs in campaign for MD & CEOs and EDs in Exemplary Award of Par Excellence APY Leadership Pinnacle.
• Bank was awarded Fastest Growing Public Sector Bank by Dalal Street Investment Journal (DSIJ) in 2023 Banking awards.
• Bank was conferred BFSI Award for Use of Emerging Technology in Banking Industry for Project “PARADISE” for Adoption of Cloud Computing for AiX Environment by GOVERNANCE NOW.
• Chief Technology Officer of the Bank was awarded BFSI Award for the Best Digital Transformation Leader, CTO for the year 2023.
• Bank got ‘Best Technology Bank -Special Mention’, in IBA 19th Annual Banking Technology Conference, Expo & Citations.
