STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended September 30, 2021
- The Bank’s net revenues (net interest income plus other income) increased by 14.7% to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.
- Net interest income (interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to Rs 17,684.4 crore from Rs 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.
- Other income (non-interest revenue) at Rs 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over Rs 6,092.5 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended September 30, 2021 were fees & commissions of Rs 4,945.9 crore (Rs 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 867.3 crore (Rs 560.4 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of Rs 675.5 crore (Rs 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 912.1 crore (Rs 575.6 crore in the corresponding quarter of the previous year).
- We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity. Operating expenses for the quarter ended September 30, 2021 were Rs 9,277.9 crore, an increase of 15.2% over Rs 8,055.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%. Pre-provision Operating Profit (PPOP) at Rs 15,807.3 crore grew by 14.4% over the corresponding quarter of the previous year
- Provisions and contingencies for the quarter ended September 30, 2021 were Rs 3,924.7 crore (consisting of specific loan loss provisions of Rs 2,286.4 crore and general and other provisions of Rs 1,638.3 crore) as against Rs 3,703.5 crore (consisting of specific loan loss provisions of Rs 1,240.6 crore and general and other provisions of Rs 2,462.9 crore) for the quarter ended September 30, 2020. Total provisions for the current quarter included contingent provisions of approximately Rs 1,200 crore
- The total credit cost ratio was at 1.30%, as compared to 1.67% for the quarter ending June 30, 2021 and 1.41% for the quarter ending September 30, 2020. Profit before tax (PBT) for the quarter ended September 30, 2021 at Rs 11,882.6 crore grew by 17.5% over corresponding quarter of the previous year. After providing Rs 3,048.3 crore for taxation, the Bank earned a net profit of Rs 8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.
Balance Sheet:
- As of September 30, 2021 Total balance sheet size as of September 30, 2021 was Rs 1,844,845 crore as against Rs 1,609,428 crore as of September 30, 2020, a growth of 14.6%.
- Total deposits as of September 30, 2021 were Rs 1,406,343 crore, an increase of 14.4% over September 30, 2020. CASA deposits grew by 28.7% with savings account deposits at Rs 452,381 crore and current account deposits at Rs 205,851 crore.
- Time deposits were at Rs 748,111 crore, an increase of 4.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8% of total deposits as of September 30, 2021.
- Total advances as of September 30, 2021 were Rs 1,198,837 crore, an increase of 15.5% over September 30, 2020. Retail loans grew by 12.9%, commercial and rural banking loans grew by 27.6% and other wholesale loans grew by 6.0%. Overseas advances constituted 3.5% of total advances.
