The net profit stood at Rs 113 crore against Rs 132 crore in the year ago period. The operating profit was also lower at Rs 172.5 crore against Rs 181.4 crore. Net interest income was lower at Rs 362 crore as compared with Rs 364 crore in the corresponding period last year.
Its net interest margin for the quarter stood lower at 4.36% against 5.40% in the year ago period.
A 43% higher non-interest income for the quarter at Rs 172 crore — helped by 29% higher treasury income — as against Rs 120 crore for the same period last year was the saving grace.
The bank has set aside Rs 20 crore as provisions and contingencies, up four times, while asset quality slipped. “We continue to maintain the accelerated provisioning policy during this quarter as well,” the bank said.The gross non-performing assets ratio increased by 42 basis points to 1.69% at the end of June.The Kerala-headquartered lender saw its advances grow by 18% year-on-year to Rs 24,844 crore while total deposits grew by 22% to Rs 29,920 crore.
