Net Profit up by 18.33% YoY

Global Deposit up by 11.29% YoY

Dividend @161% of Paid up Capital as against 120% during FY 23

     PRESS RELEASE                   Date: 8th May 2024               FINANCIAL RESULTS FOR THE YEAR/QUARTER ENDED 31st MARCH 2024

                               Key Highlights 

                         (March 2024 V/s  March 2023)

  Global business stood at Rs. 22,72,968 cr grew by 11.31%.

  Gross Advances stood at Rs. 9,60,602 cr grew by 11.34%.

  Global Deposit stood at Rs. 13,12,366 cr grew by 11.29%.

  Net-Interest Income grew by 11.18%.

  Net Profit stood at Rs. 3,757 cr grew by 18.33%.

  Return on Assets stood at 1.01% improved by 20 bps.

  Provision Coverage Ratio (PCR) at 89.10% improved by 179 bps.

  Credit Cost at 0.96% down by 21 bps.

  Gross NPA Ratio stood at 4.23% down by 112 bps.

  Net NPA Ratio stood at 1.27% down by 46 bps.

  RAM Credit grew by 13.52%.

  Retail Credit grew by 11.68 % with Housing loan at 10.81 % and Vehicle loan at 14.03%.

  Agriculture & Allied grew by 18.69% with Portfolio amount of Rs.2,53,206 cr.

  Net Interest Margin stood at 3.05% improved by 10 bps.

  Return on Equity stood at 22.06% improved by 257 bps.

The Board of Directors has recommended a dividend of Rs. 16.10 per equity share (i.e.161% of face value of Rs 10 per share) for the year ended on 31.03.2024 subject to requisite approvals.

 

 

Key Summary of Business Performance (as on 31.03.2024)

         Business

  Global Business increased by 11.31% (y.o.y) to Rs 2272968 cr as at Mar 2024 with Global Deposits at Rs 1312366 cr 11.29% (y.o.y) and Global Advance (gross) at Rs 960602 cr 11.34% (y.o.y).

  Domestic Deposit of the Bank stood at Rs 1214951 Cr as at Mar 2024 with growth of 10.98% (y.o.y).

  Domestic Advances (gross) of the Bank stood at Rs 908182 Cr as at Mar 2024 grew by 11.06% (y.o.y).

  Retail lending Portfolio increased 11.68% (y.o.y) to Rs 156414 Cr as at Mar 2024.

  Housing Loan Portfolio increased 10.81% y.o.y to Rs 93482 Cr

  Advances to Agriculture & Allied grew by 18.69% (y.o.y) to Rs. 253206 Cr as at Mar 2024.

Asset Quality

  Gross Non-Performing Assets (GNPA) ratio reduced to 4.23% as at Mar 2024 down from 4.39% as at Dec 2023, 5.35% as at Mar 2023.

  Net Non-Performing Assets (NNPA) ratio reduced to 1.27% as at Mar 2024 down from 1.32% as at Dec 2023, 1.73% as at Mar 2023.

  Provision Coverage Ratio (PCR) stood at 89.10% as at Mar 2024 against 89.01% as at Dec 2023, 87.31% 

as at Mar 23.

Capital Adequacy

  CRAR stood at 16.28% as at Mar 2024 (15.78% as at Dec 2023). Out of which Tier-I is 13.95%

(13.38% as at Dec 2023), CET1 is 11.58% (11.28% as at Dec 2023) and Tier-II is 2.33% (2.40% as at Dec 2023)

  Bank successfully raised capital during FY23 through:

AT-1 Bonds: Rs.3403 Cr

Priority Sector & Financial Inclusion

  The Bank has achieved Targets in Priority Sector at 46.08% and Agricultural Credit at 22.71% of ANBC as at Mar 2024, as against the norm of 40% and 18% respectively.

  Credit to Small and Marginal Farmers stood at 16.08% of ANBC, against the norm of 10.00%.

  Credit to Weaker Sections stood at 22.36% of ANBC, against the norm of 12.00%.

  Credit to Micro Enterprises stood at 9.92% of ANBC, against the norm of 7.50%.

  Credit to Non Corporate Farmers stood at 19.13% of ANBC, against the norm of 13.78%. 

Network

  As on 31.03.2024, the Bank has 9604 Number of Branches, out of which 3103 are Rural, 2751 Semi- Urban, 1907 Urban & 1843 Metro along with 10209 ATMs. Bank is also having 4 International Branches 

in London, New York, Dubai and Gift City, Gujarat.