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Domestic net interest margin was almost flat at 3.51


per cent, but increased sequentially.

The bank witnessed a huge surge in deposits, courtesy the noteban, and the share of the low-cost current and savings account deposits shot up to 49.9 per cent during the quarter from 45.7 per cent three months ago.

The ‘drill down’ list of stressed advances has come down to Rs 27,536 crore from Rs 44,065 crore a year-ago, she said, adding a bulk Rs 12,057 crore were due to fresh slippages while there was a rating upgrade of Rs 308 crore.

Total provisions for the reporting quarter stood at Rs 2,712 crore as against Rs 2,844 crore a year-ago.

The provision coverage ratio has declined steadily during the fiscal to 57 per cent from nearly 65 per cent in the year-ago period.

The restructured assets book has now come down to Rs 6,4000 crore from Rs 8,500 crore at the beginning of fiscal.

Kochhar, however, declined to answer specifically on its asset quality outlook, saying a lot many factors are at play. But she was quick to add that the bank will continue to target a faster than the system credit growth at 12-15 per cent.

She also sought to dismiss criticism of banks not passing benefits of lower rates to borrowers, saying her bank has cut its MCLR by 85 bps as against a 25 bps cut in the deposit rates.

Among the subsidiaries, the life insurance arm’s post tax profit increased to Rs 450 crore from Rs 433 crore, general insurance arm’s surged to Rs 220 crore from Rs 130 crore, while the asset management company saw its bottomline rise 61 per cent to Rs 132 crore.

The bank scrip corrected 0.66 per cent to close at Rs 269.05 a piece on the BSE, as against a 0.70 per cent dip in the benchmark Sensex.

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)