Net profit increased to ₹1,439 crore in the quarter ended March 2024 from ₹1,350 ₹crore a year earlier despite a 15% fall in operating profit.
Total advances increased by 14% to ₹5.15 lakh crore led by a 16% growth in retail, agriculture and MSME loans.
Other income fell 43% to ₹1,751 crore in March 2024 from ₹3,099 crore because unlike last year the bank did not book gains from the sale of security receipts.
If not for the 63% fall in tax expenses year on year, the bank’s net profit also would have fallen.CEO Rajneesh Karnatak said the tax expenses fell as the bank moved to a new tax regime last fiscal. Total tax expenses fell to ₹292 crore from ₹783 crore a year earlier. Net interest margin (NIM) or the difference between yield on advances and cost of deposits fell to 2.92% in March 2024 from 3.15% in a year earlier.
