Highlights:

The bank has recorded in strong growth in disbursements at Rs 12548 crore in Q1FY2023 led by Corporate - Rs 7595 crore, gold - Rs 2978 crore, B Segment - Rs 939 crore, other retail Rs 284 crore, PL - Rs 269 crore, agriculture - Rs 185 crore, LAP Rs 118 crore, HL - Rs 117 crore, VL - Rs 63 crore.

The bank has churned about 43% of overall loan book since 1 October 2020. The bank has build new of Rs. 27787 crore with NIM of 3.04%, GNPA of 0.02% & SMA2 of 0.24%.

There was zero slippages in the new corporate book.

The personal loan book increased 18% to touch Rs 1105 crore end June 2022 with yield of 14% on new book.

Bank had issued 1 lakh+ credit cards with outstanding book of Rs 330 crore end June 2022.

The bank aims to grow its loan book in double digits for FY2023

NRI deposit constitutes 31% of the total deposits

The restructured loan book of the banks stood at Rs 2198 crore end June 2022

The bank aims to reduce gross NPA to 5% and net NPA ratio closer to 2% by and March 2023.

Net Interest Margin improved by 19 bps YoY to 2.74% in Q1FY2023. The bank aims to improve its net interest margin to 3% in FY2023.

The bank as recorded strong 41% growth in the core fee income.

The bank has witnessed decline in the provisions on account of reduction in slippages of loan and better recovery.

Provision coverage ratio improved by 1000 bps YoY to reach 70.11%. The bank aims to improve provision coverage ratio to 75% from existing 72%.

The bank expects the momentum to continue in disbursements and collection in current financial year.

The fresh slippages of loan was at Rs 435 crore which was mainly contributed by the two corporate account out of which one was a retail group and the other was a Delhi based company. Excluding these two account, the fresh slippages were at Rs 310 crore.

The bank is expecting fresh slippage ratio of 1.9% – 2% for FY2023 while the bank aims to contain provisioning below Rs 1000 crore in FY2023.

In the corporate segment, the bank is focused on boarding quality assets.

The return on asset for the bank has improved to 0.4% and return on equity to 7% and the bank aims to improve return on equity to double digit as early as possible.

The bank expect policy rates to go up by another 75 to 200 bps in next one year.

The bank has recorded recovery of Rs 234 and resolution of Rs 70 crore in for FY2023. The bank is targetting recovery and upgradation of Rs 1200 to 1500 crore

The bank has reduced SMA2 loan book by 48% end June 2022 over June 2021

The CD ratio stands at 72% and the bank aims to improve CD ratio to 75% by and March 2023.

Gross NPA decreased from 8.02% to 5.87% and Net NPA decreased from 5.05% to 2.87%