Total income increased by 20.48 per cent at Rs (Rs 1,535.10 crore). The total business stood at Rs 1, 23,451 crore, up from Rs 1,03, 378 crore. Operating profit increased by 6.18% at Rs.306.73 crore.
Deposits grew by 16.53% at Rs.73,207 crore while advances went up by 23.87% at Rs.50,244 crore. Net NPA was at 0.75% as against 0.76% in Q1FY08. The total investment portfolio of the bank was at Rs 24,974 crore, of which 58% was in the Held-to-Maturity category while the rest was in Available for Sale category.
The Bank has squashed all rumours and stated categorically that it has no plans to raise capital in the immediate future. Though the Bank has the Boards approval to raise Rs.300 crore, it feels that the current market situation is not right and would prefer to wait out till things stabilize. It is yet to receive the nod from the Government for its proposed rights issue.
The Bank opened 12 more branches during the quarter taking total number of branches to 2165 (excluding 1 Foreign Branch). The bank plans to open a branch in Bangladesh and convert its representative office in China into a full-fledged branch. On the domestic front, it has received Reserve Bank of India’s approval to open 113 branches this year and has also applied to RBI for 180 more branches.
Currently quoted at Rs.64, it is closer to its low of Rs.53 than to its high of Rs.143. Stay invested.