Briefing reporters, Chairman & Managing Director Albert Tauro said this was due to the 21 per cent growth in bank’s net interest income.
Further, he said, the cost of deposits during the quarter also was down from 7.74 per cent in previous fiscal to 5.71 per cent, while operating expenditure more or less remained flat, and return on assets also improved from 0.68 per cent to 0.73 per cent all of which aided in the bank’s good show.
Net interest margin also improved from 2.29 per cent to 2.73 per cent in the reporting quarter. For the financial year ended March 31, 2010, net profit registered a robust 93.28 per cent growth at Rs 507 crore (Rs 262.48 crore previous), while the total business of the bank crossed the Rs 1,00,000 crore.
Net interest income of the bank during the full year clocked a 28.83 per cent growth at Rs 1,057 crore (Rs 899 crore previous). The net profit was after providing for wage arreas of Rs 114 crore, provision for employee benefit to the tune of Rs 182 crore, taxes of Rs 194 crore and non-performing advances of Rs 474 crore, he added. The bank, Tauro said aims to reach a business level of Rs 1,26,000 crore with a year-on-year growth of 20 per cent.
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