In the Quarter that ended March 2023 over March 2022, the net profit was up by 47% at ₹1447 Cr from ₹984 Cr. The Operating Profit is up by 47% YoY at ₹4016 Cr from ₹2738 Cr in Mar’23 compared to Mar’22. The Net Interest Income increased by 29% YoY to ₹5508 Cr in Mar’23 from ₹4255 Cr in Mar’22. The Fee-based income grew by 12% YoY to ₹914 Cr and the Cost-to-Income Ratio improved to 46.47% in Mar’23 from 53.03% in Mar’22. Domestic NIM improved to 3.59% in Mar’23 from 2.87% in Mar’22. The Return on Assets (RoA) and Return on Equity (RoE) improved to 0.82% and 15.48% respectively. Advances increased by 14% YoY to ₹473586 Cr in Mar’23 from ₹415625 Cr in Mar’22.
RAM (Retail, Agriculture & MSME) advances grew by 12% YoY to ₹272679 Cr. RAM contribution to gross domestic advances is 61%. Retail, Agri & MSME advances grew by 13%, 16% & 7% YoY respectively. Home loans (Including mortgages) grew by 11% YoY, Auto loans by 28% YoY and Personal loans by 46% YoY.
The Deposits increased by 5% YoY and reached ₹621166 Cr in Mar’23. The CASA ratio stood at 42%, the GNPA decreased by 252 bps YoY to 5.95% in Mar’23 and the NNPA reduced by 137 bps to 0.90%. The Provision Coverage Ratio (PCR, including TWO) improved by 644 bps YoY to 93.82%, and the Capital Adequacy Ratio by 16.49. While the CET-I improved by 36 bps YoY to 12.89%, the Tier I Capital improved by 31 bps YoY to 13.48%
In the Year ended March 2023 over March 2022, the net profit was up by 34% YoY to ₹5282 Cr in FY23 from ₹3945 Cr in FY22. The Operating Profit increased by 20% YoY from ₹12717 Cr in FY22 to ₹15271 Cr in FY23. The Net Interest Income grew by 21% to ₹20225 Cr in FY23 from ₹16728 Cr in FY22. The RoA and RoE increased to 0.77% and 14.73%, respectively.
The Cost-to-Income Ratio improved to 44.20% from 46.21% and the Net Interest Margin (NIM) Domestic increased by 50 bps to 3.41%. The Board of Directors has recommended a dividend of ₹8.60 per equity share (86%) for FY23 subject to requisite approvals
On the Business Performance front, the Total Business recorded a YoY growth of 8% reaching the level of ₹1094752 Cr in Mar’23 and the Advances grew by 14% to ₹473586 Cr in Mar’23. The Deposits grew by 5% YoY to ₹621166 Cr in Mar’23 as compared to ₹593618 Cr during the corresponding period a year ago. The CASA deposits recorded a YoY growth of 5% and stood at ₹260809 Cr in Mar’23. The share of CASA to deposits stood at 42%. The Priority Sector portfolio stood at ₹152992 Cr in Mar’23 and the Priority Sector advances as a percentage of ANBC stood at 44% as against the regulatory requirement of 40%.
Digital Transactions through ATM, BNA & Digital channels improved to 8% YoY in Q4FY23. Mobile Banking users increased by 68% YoY, while its transactions increased by 72% YoY. UPI users and transactions increased by 27% YoY and 109% YoY respectively. During the year, the Bank has launched various Digital Journeys under its Digital Transformation Programme.
In the past Financial year, the Bank received the “Golden Peacock National Training Award-2023’’ in Mar’23 for excellence in training practices from Cabinet members & Hon’ble Minister of UAE. The Bank was awarded the 2nd Best Bank at National Level Award at the 14th SFBCK Banking Excellence Awards, 2021-22 by the former President of India Shri Ramnath Kovind in Jan’23.
The Bank adjudged The Company of the Year at Mint W3 awards 2023 in Feb’23. The Bank bagged the “CGTMSE Achievement Award FY23” in Apr’23 for best efforts in Information Dissemination. Also, the Bank emerged as the winner of the BFSI Award 2023 in the Best Brand category in Apr’23 for spurring growth amidst the global slowdown.