Advances growth year-on-year was at 19% and Deposit growth year-on-year was at 20%
FinTech BizNews Service
Mumbai, July 24, 2024: The Bank has announced its Q1FY25 results, The Bank’s Profit After Tax (PAT) for Q1 FY 2025 was at INR 131 Cr. In comparison Profit After Tax for Q1 FY 2024 was at INR 127 Cr. growth of 3%.
Notable points:
1) The Bank’s Profit After Tax (PAT) for Q1 FY 2025 was at INR 131 Cr. In comparison Profit After Tax for Q1 FY 2024 was at INR 127 Cr., growth of 3%.
2) Advances growth year-on-year was at 19% and Deposit growth year-on-year was at 20%.
3) The Gross NPA as on June 30, 2024 was at 3.33%. Net NPA was at 1.18% as on June 30, 2024. The Provision Coverage Ratio (PCR) as on June 30, 2024 was at 76.00% and PCR without considering Gold Loans NPAs was at 77.19%.
4) Capital Adequacy continues to be strong and as on June 30, 2024, the Capital Adequacy Ratio was at 15.95% (with Tier I at 14.00% and Tier II at 1.95% as per Basel III norms).
Speaking on the Q1 FY 2025 results Mr. Praveen Kutty, Managing Director & CEO said,
“The growth momentum of both deposits and loans are in line with our expectations. As intended, growth in deposits is higher than the growth in loans. The credit costs continue to be low and fee income is steadily increasing. We expect the cost of funds to stabilise over
the next few months, thereby improving the NIM. Going forward, we expect to see a steady improvement in productivity and profitability.”
