"Net interest income for the quarter under review, grew 18 per cent year-on-year to Rs 2,713 crore and non-interest income 33 per cent to Rs.2,109 crore," said the city-based bank in a statement here.
The bank's global business, however, grew 5.4 per cent to Rs 8.3 lakh crore, with Rs.4.9 lakh in deposits, up 4.4 per cent from last year and Rs 3.4 lakh crore in net advances, up 6.7 per cent.
"Net Interest Margin for the domestic business was 2.6 per cent and 2.3 per cent for overseas operations," said the statement.
With Rs 1,331 crore cash recovery during the quarter, gross non-performing assets (NPA) ratio stood at 10.6 per cent and net NPA at 7.1 per cent.
"We have resolved that the current fiscal would be a 'year of recovery and growth'. Efforts are being made to improve the bank's financial health, as reflected in the first quarter results," said Managing Director Rakesh Sharma in the statement.
The NPA ratios have, however, shown an increase due to time lags in resolution.
"Our focus on NPA management will continue and we expect the net NPA level to decline to less than 6 per cent by the year-end," he added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.