The bank reported standalone net profit of Rs 321.67 crore for the quarter ended March 31, 2024 as compared to Rs 81.00 crore in the same period last year, registering a year-on-yearÿgrowthÿof 297.12 per cent.

Interest income of the bank rose by 30.94 per cent at Rs 1111.07 crore for the quarter ended March 31, 2024 as against Rs 848.53 crore in the corresponding period last year.

During the January-March quarter, total income rose substantially by 27.84 per cent to Rs 1,290.94 crore from Rs 1,009.78 crore in the year ago period.

Meanwhile, operating expenses increased by 30.16 per cent to Rs 949.01 crore from Rs 729.13 crore in the same period last year.

Operating profit surged 21.83 per cent to Rs 341.93 crore from Rs. 280.66 crore.

Provisions and Contingencies slipped by 12.13 per cent at Rs 175.45 crore from Rs 199.66 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 26.47 per cent at Rs 591.01 crore versus Rs 467.31 crore in the year ago period. Non-interest income rose 11.55 per cent year-on-year to Rs 179.87 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 2.11 per cent of the gross advances as at the end of March 31, 2024 from a level of 3.94 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.56 per cent of net advances on March 31, 2024 from 2.64 per cent a year ago.