Net profit for the financial year ended March 31, 2020 (FY20), stood at Rs 337.25 crore, up marginally from Rs 325.37 crore in FY19.
Net interest income rose by eight per cent to Rs 323.7 crore in Q4FY20 from Rs 300.9 crore in the same quarter of last financial year. The provision for contingencies went up multifold to Rs 118.24 crore in Q4FY20 from Rs 34.78 crore in Q4FY19.
The bank held provisions amounting to Rs 63 crore against accounts covered under the Covid-19 regulatory package, which is considered adequate. This includes Rs 9 crore in respect of accounts for which moratorium has been offered and asset quality benefit extended.
The asset quality deteriorated with rise in slippage during the fourth quarter. The gross non-performing assets
(GNPAs) rose to 2.46 per cent in Q4FY20 from 1.84 per cent in Q4FY19. Gross NPAs stood at 2.15 per cent at the end of December 2019 (Q3FY20).
As on March 31, 2020, the bank’s deposits grew 7 per cent to Rs 30,370 crore. Net advances went up by eight per cent to Rs 25,345 crore in FY20.
Capital adequacy ratio remained strong at 17.75 per cent as on March 31, 2020, with Tier I capital at 13.90 per cent and Tier II capital at 3.85 per cent, as per Basel III norms.