The bank reported standalone net profit of Rs 724.35 crore for the quarter ended March 31, 2024 as compared to Rs 802.62 crore in the same period last year, registering a year-on-yearÿdeclineÿof 9.75 per cent.

Interest income of the bank rose by 27.94 per cent at Rs 8219.21 crore for the quarter ended March 31, 2024 as against Rs 6424.35 crore in the corresponding period last year.

During the January-March quarter, total income rose substantially by 26.07 per cent to Rs 9,861.21 crore from Rs 7,821.83 crore in the year ago period.

Meanwhile, operating expenses increased by 30.88 per cent to Rs 8,197.30 crore from Rs 6,263.17 crore in the same period last year.

Operating profit surged 6.75 per cent to Rs 1,663.91 crore from Rs. 1,558.66 crore.

Provisions and Contingencies surged by 49.72 per cent at Rs 722.31 crore from Rs 482.43 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 24.25 per cent at Rs 4,468.87 crore versus Rs 3,596.75 crore in the year ago period. Non-interest income rose 17.50 per cent year-on-year to Rs 1,642.00 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 1.88 per cent of the gross advances as at the end of March 31, 2024 from a level of 2.51 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.60 per cent of net advances on March 31, 2024 from 0.86 per cent a year ago.