It had reported a standalone profit after tax of Rs 389 crore in the year-ago period.
The company’s executive vice president and chief financial officer Arulselvan D said Q3 was the first quarter after the moratorium got over and it was expected that industry-wise slippages would be higher during this period.
He said the company has not used any of the COVID provisions created earlier and have provided fresh provisions for all the NPA movements.
The company’s Net Income Margin (NIM) grew 26 per cent to Rs 1,364 crore. Its asset quality, represented by stage 3 assets stood at 2.57 per cent as of December 31, 2020, as against 3.54 per cent last year.
It continues to carry additional provision of Rs 751 crore for future contingencies as on December 2020.
As per the Supreme Court‘s order, the company has not classified any new accounts as NPA after August 31, 2020. However, if it had classified new accounts as NPA, then the gross stage 3 and net stage 3 would have been 3.75 per cent and 2.12 per cent, respectively, the company said in a release.
Its total provisions currently carried against the overall book is 3.09 per cent as against the normal overall provision levels of 1.75 per cent carried prior to the COVID-19 pandemic, the release said.
The company continues to hold a strong liquidity position with Rs 6,228 crore as cash balance as at end of December — including Rs 1,500 crore invested in government securities shown under investments, as it is held to maturity — and a total liquidity position of Rs 10,923 crore, including undrawn sanctioned lines.
Shares of the company closed at Rs 397.30 apiece, down 1.91 per cent on BSE.