Its total income stood at Rs 14,001.63 crore during the quarter ended December 2019, up 3.61 per cent over the same period of last fiscal year. The tepid growth in income was mainly attributed to subdued rise in credit growth, reflecting the lack of loan demand in the general economy.
While gross deposits for the lender went up by 8.64 per cent at Rs 6.25 trillion, gross advances rose only by only 0.64 per cent at Rs 4.38 trillion.
However, the bank which is in the midst of an amalgamation with Syndicate Bank, improved the asset quality for the second consecutive quarter.
Gross non-performing assets (NPA) declined to 8.36 per cent in the December quarter from 8.68 per cent reported in the previous one.
Similarly, net NPA went down to 5.15 per cent from 5.05 per cent reported in second quarter. Similarly, the provision coverage ratio also improved to 70.97 per cent in Q3, as against 70.11 per cent in the previous quarter.