Net profit increased from ₹1,209 crore to ₹2,168 crore for the quarter ended June 2022, showing a 12% increase in net interest income (So) extended to both corporate and retail loans to the extent of ₹8,838 crore.
The bank’s loan book grew 18% to Rs 8.39 lakh crore, led by a 23% growth in retail loans and a 17% increase in corporate loans.
CEO Sanjiv Chadha Said that demand for international credit from Indian companies abroad as well as from sectors such as cement, steel and roads has been strong.
“Since last year, when corporate margins were low, we explored high-rated syndicated loans such as external commercial borrowings from Indian companies overseas, where margins were good and we have seen growth in that segment,” he said.
The asset quality improved as the net NPA ratio fell to 1.58% in June 2022 from 3.03% a year ago. Total provisions fell 58% to ₹1,685 crore, forcing the bank to focus on treasury earnings for a ₹1,168-crore hit due to a fall in bond prices during the quarter.