Company’s Net profit jumped to Rs1,558 crore in the quarter ended June 2022 from Rs1,181 crore the previous year, owing to a 13% increase in advances.
NII, or the difference between loan interest and deposit interest, witnessed a growth of 8% yoy at Rs7,582 crore in Q1FY23, as against Rs7,013 crore in the previous corresponding quarter. However, Other income grew marginally by 1% yoy, mainly due to a 64% decline in treasury income to Rs395 crore in Q1FY23 against Rs1,100 crore in the same quarter previous year.
The bank's net NPAs improved to 3.31% in Q1FY23, as against 4.69% in the previous corresponding quarter. While recoveries jumped to Rs1,481 crore during the quarter under review from Rs1,147 crore in Q1FY22.
However, the bank kept its provisions in place, which resulted in an increase in the provision coverage ratio to 84.75% during Q1FY23, as compared to 81.43% in the previous corresponding quarter.
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