Net Profit of Rs 2,088 crore in the quarter ended September 2021 from Rs 1,679 crore a year earlier. Other income increased to Rs 3,579 crore from Rs 2910 crore last year.
The rise in other income made up for the tepid growth in net interest income (NII) which is the main income the bank earns by giving loans. NII increased 2 per cent to Rs 7566 crore largely as the cost of deposits fell to 3.52 per cent in September 2021 from 3.99 per cent a year ago and covered up for a 6 per cent fall in total interest earned.
A 2 per cent year-on-year fall in provisions also helped the bank’s bottom line. Provisions fell to Rs 2754 crore from Rs 2811 crore a year ago and was lower than the Rs 4005 crore reported in June 2021.
Gross NPA ratio improved to 8.11 per cent in September 2021 from 9.14 per cent a year ago.