The provisions (including for non performing assets) and contingencies more than doubled to Rs 7,593.9 crore in Q1FY21 from Rs 3,495.7 crore in Q1FY20. Bank made Covid-19 related provisions of Rs 5,550 crore in Q1FY21 with the objective of completely cushioning the balance sheet from the impact of pandemic, said its President Sandeep Batra in media interaction.
The Provision Coverage Ratio (PCR) improved to 78.6 per cent in Q1FY21 from 74 per cent in Q1FY20. PCR was at 75.7 per cent in March 2020.
The asset quality profile of bank improved during the reporting quarter. The gross non-performing Assets (GNPAs) to 5.46 per cent in Q1FY21 from 6.49 per cent in Q1FY20. The GNPA were at 5.53 per cent at end of March 2020.
The net NPAs declined to 1.23 per cent in June 2020 from 1.77 per cent in June 2019. The Net NPAs were at 1.41 per cent in Mach 2020.
The total deposits increased by 21.3 per cent at Rs 8,01,622 crore and advances grew by 6.5 per cent Y-O-Y to reach Rs 6,31,215 crore as on June 30, 2020.
The loans under moratorium, a standstill on repayment under Covid-19 regulatory steps, declined to 17.5 per cent at end of June 2020 from 30 per cent in April 2020.
The Capital Adequacy Ratio (CAR) stood at 16 per cent as on June 30, 2020 with Tier I at 14.72 per cent. Bank is seeking shareholders approval to raise equity capital of Rs 15,000 crore to strengthen capital adequacy and improve competitive position to take benefit of growth opportunities, bank added.
Bank said it will dilute over four per cent stake in ICICI Securities, its listed capital market subsidiary, in the current financial year to comply with regulatory norms (of minimum public shareholding). Its stake was just over 79 per cent.