The Bank has showed an improved net profit as well better asset quality. The Bank has shown a 11% (YoY) rise in consolidated net profit at Rs.698 crore. NIM margin has improved marginally from 4.8% to 5% while NII was up 9% at Rs.1002 crore. Total advances were up 13% at Rs.77,076 crore, led by corporate banking, followed by auto loans and then home loans. Lower provisioning also helped boost the bottomline, which during current Q1 at Rs.27 crore

Provisions and contingencies stood at Rs.14 crore during the current first quarter, which in previous Q1FY14 was at Rs.169 crore. Other income for the quarter was down at Rs.400 crore, down from Rs.462 crore in Q1FY14, mainly on account of lower treasury income and ARD Buyout income.  Net profit, to some extent was also dented by higher operating costs – up 43% and this rise was on account of policy holders’ reserves, surrender expenses and claims.

Asset quality also improved on a sequential basis. Gross NPA reduced from 1.63% to 1.56% while Net NPAs reduced to 0.81% from 0.88%.  The restructured loans considered standard was at Rs.145 crore, down 0.26% while there was no CDR participation, no transfer to ARC and there was no conversion to off-Balance sheet.