The bank reported standalone net profit of Rs 23.42 crore for the quarter ended March 31, 2022 as compared to Rs 10.72 crore in the same period last year, registering a year-on-yearÿgrowthÿof 118.47 per cent.

Interest income of the bank rose by 10.41 per cent at Rs 234.91 crore for the quarter ended March 31, 2022 as against Rs 212.77 crore in the corresponding period last year.

During the January-March quarter, total income rose substantially by 25.35 per cent to Rs 303.58 crore from Rs 242.18 crore in the year ago period.

Meanwhile, operating expenses dropped by 2.57 per cent to Rs 239.96 crore from Rs 246.28 crore in the same period last year.

Operating profit surged 1651.71 per cent to Rs 63.62 crore from Rs. -4.10 crore.

Provisions and Contingencies surged by 363.23 per cent at Rs 39.01 crore from Rs -14.82 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 35.27 per cent at Rs 96.42 crore versus Rs 71.28 crore in the year ago period. Non-interest income rose 133.49 per cent year-on-year to Rs 68.67 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 0.06 per cent of the gross advances as at the end of March 31, 2022 from a level of 0.09 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.03 per cent of net advances on March 31, 2022 from 0.05 per cent a year ago.