Public sector lender disappointed street on Wednesday with first quarter profit falling 40.7 percent year-on-year to Rs 478.84 crore on huge spike in provisions. Slowdown in net interest income and other income also hit profitability. Even the asset quality worsened. Net interest income, the difference between interest earned and interest expended, rose by 3.6 percent to Rs 2,517 crore in June quarter compared to Rs 2,429 crore in same quarter last fiscal. Profit was estimated at Rs 616 crore and net interest income at Rs 2,608 crore for the quarter.
Other income (non-interest income) increased by 8.4 percent year-on-year to Rs 1,113 crore and operating profit jumped 11.6 percent to Rs 2,003.6 crore during the quarter. Provisions for bad loans shot up 72.5 percent (up 34.7 percent sequentially) to Rs 1,359.7 crore compared to Rs 788 crore in the year-ago period.
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