The shares recovered later to close with a 1.25% gain at Rs 1,040.20 on the BSE, reflecting the overall rally in the market and especially in banking stocks.
In an exchange filing, the bank said its interest income rose 11% to Rs 30,954 crore from Rs 27,961 crore a year ago, while its interest expenses rose 12% at Rs 17,348 crore in the quarter under review, from Rs 15,429 crore a year ago.
The core net interest income grew 9% to Rs 13,606 crore due to muted loan growth, and the net interest margin, the key measure of profitability, declined by 6 bps to 3.93% sequentially and 8 bps annually.
Advances grew 9% on-year and 1% sequentially to Rs 10.14 trillion, driven by an 11% growth in retail loans, which accounted for 60% of the bank’s advances portfolio. Under retail loans, home loans grew 3%, personal loans at 17%, credit card advances grew 8%, small business banking at 20%, and rural loans at 17%. Additionally, SME loans grew 15%, while corporate loans grew 4%, with the domestic corporate book growing by 3%.
On the other hand, the bank’s total deposits grew by 9%, growing in tandem with loans. Of this, current account deposits grew 8%, while savings deposits were flat and term deposits grew 14%.
+ There are no comments
Add yours