Capital SFB Q1 profit rises 7% despite higher bad loan provisions
reported a 7% rise in net profit at Rs 32 crore for the first quarter of the fiscal as compared with Rs 30 crore in the year ago period even as its provision to cover bad loans rose nearly four-fold.
Its operating profit was 21% higher at Rs 51.4 crore.
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Total provisions for the quarter stood at Rs 8.8 crore as against Rs 2.4 crore earlier. The bank's gross non-performing assets ratio rose marginally to 2.74% at the end of June from 2.69% a year back. Net NPA was at 1.39% against 1.35%.
Defaults by two NBFC-MFIs with a total Rs 15 crore outstanding led to the rise in NPA, executive director Munish Jain said. The bank has no direct exposure to the microfinance sector while it lends to NBFC-MFIs.
"We intend to keep gross NPA below 2.6%," Jain told ET. "On the
net interest margin
front, our aim is to maintain it at 4.1%," he said.
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The bank's gross advances rose 16.4% year-on-year to Rs 7,437 crore while Deposits were up 17% Rs 9,110 crore.
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