Key financial highlights:
·Continuing growth momentum
·Improvement in performance parameters
·Advances (Net) up by 43.96% on Year on Year (YOY) basis
·H1 FY17 Net Profit before charge for exceptional item is up by 61.77% to Rs.205.85 crore
·H1 FY17 Net Profit up after charge for exceptional item is by 47.14% to Rs.187.23 crore
·Cost to income ratio down to 54.36% for H1 FY17 from 60.92% for H1 FY 16
·Return on Assets up from 0.94% to 1.01% on a YOY basis in H1 FY 17 without factoring charge for exceptional item
Exceptional item pertains to a pre-tax charge of Rs.28.47 crore towards marking a strategic investment to book value of the investee company, being the acquisition of 9.9% equity stake in Utkarsh Micro Finance Limited in September 2016, which is held in ‘Available for Sale’ category.
As the Bank’s equity shares have been listed on August 31, 2016 on stock exchanges, the requirement of limited review and disclosures of quarterly financial results has become applicable from the quarter ended September 30, 2016. Accordingly, the results for the quarter and half year ended September 30, 2016 have been subjected to “Limited Review” by the Statutory Auditor of the Bank. The unaudited figures for the quarter and half year ended September 30, 2015 and quarter ended June 30, 2016 are not subjected to limited review.