Sunday, August 7, 2011

Q1 FY 12 Operating Profit rises 30%. to Rs 69.70 crores.

Mumbai: August 7, 2011: Operating Profit for the first quarter stood at Rs 69.70 Crores, recording a growth of 29.72% over the corresponding period of previous year.
PAT for the 3 months ended June 2011 stood at Rs. 24.58 crores, up 5% from Rs 23.39 crores recorded in the corresponding period of previous year. Net profit is after reckoning one-time provisions (Rs. 17.67 Crores) mainly covering incremental floating provisions and increased provisioning rates announced by the RBI effective June '11 quarter.
Underlying PAT growth, therefore, is higher in tune with the growth in Operating Profit.
Total Income of the bank for the first quarter ended June 2011 grew 34.53% to Rs. 369.94 crores from Rs. 274.99 crores in the corresponding period of the previous year. Total interest income grew from Rs. 248.07 crores to Rs. 335.77 crores in the first quarter of the current financial year, a growth of 35.35 %. NIl growth was moderate at 10.7%, however, profit growth with a lower NIM reflects sustainability in the current context.
CASA balances of the bank had grown by 19.82%, overall deposits 32%, from Rs 8956 crores (June 10) to Rs.11844 crores. Advances grew by 30%, from Rs 6342 crores (June 10) to Rs 8258 crores. Total Business improved to Rs 20206 crores from Rs 15369 crores (increase of 31.47 % YOY).
Gross and Net NPA as at 30th June 2011 stood at 2.09% and 0.98 % respectively, significantly below 4.27% and 3.31% as at 30th June 2010, however, marginally above 31st March 2011 figures ( 1.93% and 0.90% respectively). Provision coverage ratio was 76.44% as at 30th June 2011.
The Capital Adequacy Ratio stood at 12.06%, as per Basel II.
The Bank has a national presence serving over 1.8 million customers through its 274
branches, spread across 15 States and 1 Union Territory, and having added 42 new ATMs, has now an ATM network of 286, however, customers can access over 75000 ATMs across the country. The Bank continues to invest behind its network for improved reach and customer service.

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