Highlights:

As per the bank the confidence in the economy is coming back, demand for credit as well as collection efficiency is improving and the bank is closer to the pre covid level while some more time is required for improvement.

The bank has posted 8% sequential growth in deposits while deposits have surged 39% in the nine months ended December 2020.

The casa deposits ratio has improved to 26% end December 2020.

The account opening has picked up to 85000 accounts per month. The bank has added 2.2 lakh casa accounts in the quarter ended December 2020 up from 1.5 Lakh accounts and in the quarter ended September 2020.

On advances front, the bank is focused on retail and MSME segments.

Against the target of Rs 10000 crore, the bank has disbursed Rs 12000 crore of loans in the SME and retail segment in the quarter ended December 2020. The bank has also disbursed Rs 2000 crore of loans in the corporate segment.

The share of retail loans has increased to 28% from 24% a quarter ago. The bank has created additional provisions of Rs 765 crore for the covid-19 raising the overall covid-19 provisions to Rs 2683 crore end December 2020.

The provision coverage ratio on NPA has improved to 76.8%, while including the technical write offs provision coverage ratio stands higher at 81% end December 2020.

The bank has also increased the provision coverage ratio on non performing investments to 78% from 72%.

The net interest margin of the bank is healthy at 3.4% in Q3FY2021.

The bank has posted strong 70% growth in non interest income.

The bank has improved cost to income ratio in the quarter ended December 2020.

The CD ratio has further declined to 116% end December 2020 from 124% end September 2020.

The recoveries have been stronger at Rs 1512 crore in Q3FY2021 and Rs 2947 crore in 9MFY2021.

The bank has restructuring proposals for Rs 8000 crore of loans, while accounts with standstill benefit on NPA classification stands at Rs 7058 crore. The SMA 2 category loan book stands at Rs 3432 crore end December 2020.

The SMA-1 loan book stands at Rs 9740 crore.

The retail segment collection efficiency stands at 96% compared to 97% pre-covid.

The bank has disbursed loans of Rs 1000 crore under ECLGS in Q3FY2021 with cumulative ECLGS disbursements at Rs 3200 crore

The bank has applied to the regulator for floating an ARC which will manage all the stressed accounts of the bank. ARC will be managed by an independent board.

The bank is seeking shareholders approval to raise Rs10000 crore equity capital.