| Key Highlights of the Results -Q2 FY-25
Business Growth – Total Business of the Bank stood at Rs.473704 crore as on 30.09.2024 showing an increase of 13.56% on y-o-y, wherein Gross Advances increased by 18% to Rs.197927 crore on y-o-y & Total Deposits grown by 10.57% on y-o-y to Rs.275777 crore. Profitability & Return– Net profit for the quarter ending 30.09.2024 stood at Rs.603 crore as against Rs.402 crore for the same period of preceding year, registering a growth of 50% y-oy. Operating Profit for the quarter ended 30.09.2024 stood at Rs. 1432 crore showing an increase of 45.82% on y-o-y basis. Advances in Retail, Agriculture & MSME (RAM) Sectors – RAM segment of the Bank increased by 20.16 % to Rs. 108200 crore on y-o-y backed by 29.36% y-o-y growth in Retail advances ,17.41% y-o-y growth in Agriculture advances and 11.32 % y-o-y growth in MSME advances. Reduction in NPA – Gross NPA reduced by 96 bps y-oy to 3.18 % as on 30.09.2024 whereas Net NPA reduced by 38 bps y-oy to 0.73 % as on 30.09.2024. Capital Adequacy Ratio – Capital Adequacy Ratio (CRAR) stood at 16.84% as on 30.09.2024 with Tier I Capital Ratio of 14.59% Credit to Deposit Ratio stood at 71.77% as on 30.09.2024. |
Business Highlights
Total Business grew by 13.56% on y-o-y to Rs. 473704 crore as on 30.09.2024 from Rs.417145 crore as on 30.09.2023.
Total Deposits increased by 10.57% on y-o-y basis to Rs.275777 crore as on 30.09.2024 from Rs.249411 crore as on 30.09.2023.
Gross Advances grew 18% on y-o-y to Rs.197927 crore as on 30.09.2024 as against Rs.167734 crore as on 30.09.2023.
RAM (Retail, Agri & MSME) business stood at Rs.108200 crore as on 30.09.2024 as against Rs.90046 crore as on 30.09.2023, registering a growth of 20.16% on y-o-y basis.
Retail Advances stood at Rs.47039 crore as on 30.09.2024 as against Rs.36362 crore as on 30.09.2023 registering a growth of 29.36% on y-o-y basis, fuelled by Home loan and Vehicle loan portfolio which registered a growth of 18.98% and 38.66% respectively on y-o-y basis.
Agriculture Advances stood at Rs.26987 crore as on 30.09.2024 as against Rs.22985 crore as on 30.09.2023, showing a growth of 17.41% on y-o-y basis.
Advances to MSME sector stood at Rs.34174 crore as on 30.09.2024 as against Rs.30699 crore as on 30.09.2023, registered a growth of 11.32% on y-o-y basis.
Business per employee improved to Rs.22.10 crore during Q2FY25 as against Rs.19.06 crore for the same period of preceding year.
Operating Profit for the quarter ended 30.09.2024 stood at Rs.1432 crore registering a growth of 45.82% on y-o-y basis as against Rs.982 crore for the same period of preceding year. For the half year ended September 2024, operating profit has grown by 26.05% to Rs.2753 crore as against Rs.2184 crore for the half year ended September 2023.
Net Profit for the quarter ended 30.09.2024 stood at Rs.603 crore as against Rs.402 crore for the same period in the preceding year, registering a growth of 50% y-oy. Net profit stood at Rs.1154 crore for the half year ended September 2024 showing a growth of 84.64% y-oy as against Rs.625 crore for the half year ended September 2023.
Net Interest Income (NII) for the quarter ended 30.09.2024 stood at Rs.2301 crore registering a growth of 20.03% on y-o-y basis as against Rs.1917 crore for the same period of preceding year. For the half year ended September 2024, Net interest Income(NII) grew by 16.02% on y-o-y basis to Rs.4555 crore as against Rs.3926 crore for the half year ended September 2023.
Net Interest Margin(NIM) for the quarter ended 30.09.2024 stood at 3.10% as against 2.84% for the same period in the preceding year. For the half year ended September 2024, the NIM stood at 3.09% as against 2.92% for the half year ended September 2023.
Asset Quality
Gross NPA improved to 3.18 % as on 30.09.2024 as against 4.14% as on 30.09.2023, registering an improvement of 96 bps y-o-y.
Net NPA improved to 0.73 % as on 30.09.2024 as against 1.11% as on 30.09.2023, registering an improvement of 38 bps y-o-y.
Provision Coverage Ratio stood at 95.92% as on 30.09.2024.
Ø Branch Network
Bank has a network of 3247 domestic branches and 2 overseas branches each at Hongkong and Singapore Centre & 1 Representative office in Iran. Out of the total branches, Bank has 61.60 % i.e. 2000 branches in rural & semi-urban areas. Bank has 2472 ATMs and 10203 BC Points making the total number of 15925 touch points as on 30th September 2024.
-OdishaAge
