This bank has been consistently posting a good performance and its results for the second quarter ended 30th September 2009 has been one of its best. Non-Interest Income grew 208 % on a YOY and Net Interest Income grew 22.23 %. Total Business of the Bank rose 18.14% on a YoY at Rs.148103 crore.
Deposits of the Bank went up by 18.55% to Rs. 87309 crore. Gross NPA to Gross Advances further declined to 1.78 % as at September 2009 from 1.93 % on a YoY while Net NPA to Net Advances ratio declined from 0.85% to 0.35 %.
Operating Profit rose 107% at Rs.649.84 crore. Net Profit of the Bank was at Rs. 333.59 crore as against Rs. 41.68 crore in the corresponding period last year recording a growth of700.36%.
Net NPA reduced to 0.35 %. It sustained its Provision coverage Ratio at 79.52 % and Capital Adequacy Ratio was at 14.90 % from 11.46% and this is much more than the stipulated norm of 9%. EPS for the quarter was at Rs.7.47 and book value increased to Rs. 145.19 from Rs.119.79 as on 30.09.08.
During the quarter it opened 6 more branches, taking the total number of branches to 2284.
What really helped the bank post such a stupendous performance despite the circumstances was its focus on high yielding advances and low cost deposits. It paid attention to the improvement of the bottomline instead of concentrating just on the overall balance sheet. The bank is offering a special rebate on its various retail loan products till December 31 and this being targeted at mainly the affordable housing loan sector is expected to add on to the bank’s robust performance. It plans to increase its retail business to 30% this fiscal and is planning to open 26 centralised retail boutiques in major cities across the country.
Stay invested as the Bank is expected to end the current fiscal on a high note.
Source: Internet (www.premiuminvestments.in by S P Tulsian)
Deposits of the Bank went up by 18.55% to Rs. 87309 crore. Gross NPA to Gross Advances further declined to 1.78 % as at September 2009 from 1.93 % on a YoY while Net NPA to Net Advances ratio declined from 0.85% to 0.35 %.
Operating Profit rose 107% at Rs.649.84 crore. Net Profit of the Bank was at Rs. 333.59 crore as against Rs. 41.68 crore in the corresponding period last year recording a growth of700.36%.
Net NPA reduced to 0.35 %. It sustained its Provision coverage Ratio at 79.52 % and Capital Adequacy Ratio was at 14.90 % from 11.46% and this is much more than the stipulated norm of 9%. EPS for the quarter was at Rs.7.47 and book value increased to Rs. 145.19 from Rs.119.79 as on 30.09.08.
During the quarter it opened 6 more branches, taking the total number of branches to 2284.
What really helped the bank post such a stupendous performance despite the circumstances was its focus on high yielding advances and low cost deposits. It paid attention to the improvement of the bottomline instead of concentrating just on the overall balance sheet. The bank is offering a special rebate on its various retail loan products till December 31 and this being targeted at mainly the affordable housing loan sector is expected to add on to the bank’s robust performance. It plans to increase its retail business to 30% this fiscal and is planning to open 26 centralised retail boutiques in major cities across the country.
Stay invested as the Bank is expected to end the current fiscal on a high note.
Source: Internet (www.premiuminvestments.in by S P Tulsian)
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