To The Members,
Your Directors have immense pleasure in presenting the Bank's Annual Report along with
the Audited Statement of Accounts and the Cash Flow statement for the year ended 31st
March 2023.
FINANCIAL HIGHLIGHTS
The major highlights of your Bank's performance during FY23 are as follows:
A. Resource mobilization & Advances:
(Amount Rs in Cr)
Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
Domestic Deposits |
584661 |
608027 |
4.00 |
Of which Current |
35969 |
35366 |
-1.68 |
Savings |
211120 |
224873 |
6.51 |
CASA |
247089 |
260239 |
5.32 |
CASA Mix (%) |
42.26 |
42.80 |
54 bps |
Overseas Deposits |
8957 |
13139 |
46.68 |
Global Deposits |
593618 |
621166 |
4.64 |
Domestic Advances (Gross) |
395698 |
443921 |
12.19 |
Overseas Advances (Gross) |
19927 |
29665 |
48.87 |
Total Advances (Gross) |
415625 |
473586 |
13.95 |
Total Business |
1009242 |
1094752 |
8.47 |
Total Assets |
671668 |
710501 |
5.78 |
1. Global Deposits grew by 4.64% YoY and stood at Rs 6,21,166 Cr in March 2023.
2. Domestic CASA increased to Rs2,60,239 Cr registering a growth of 5.32% YoY. In order
to augment the CASA portfolio, Bank has mobilised 38,98,084 new CASA accounts (excluding
BSBD Savings account) during FY23.
3. Gross Advances of the Bank (Global) grew by 13.95% YoY and stood at Rs4,73,586 Cr as
on March 31, 2023 from Rs4,15,625 Cr as March 31, 2022.
4. Priority Sector Advances were at Rs1,52,992 Cr as on March 31, 2023. Priority sector
as a percentage to Adjusted Net Bank Credit (ANBC) for FY23 stood at 44.26% as against the
mandatory target of 40%.
5. Agriculture Credit (Priority Sector) was at Rs66,607 Cr and as a percentage
to ANBC the same stood at 19.27% as against the mandatory target of 18%.
6. All mandatory targets stipulated by RBI have been surpassed during FY23.
7. Gross NPA and Net NPA reduced to Rs28,180 Cr (5.95%) and Rs4,043 Cr (0.90%)
respectively as on March 31, 2023 as against Rs35,214 Cr (8.47%) and Rs8,849 Cr
(2.27%) respectively in March 31, 2022.
8. Total recovery of NPAs (including recovery in AUC accounts and MoI) during FY23
amounted to Rs7,358 Cr as against Rs5,542 Cr in the previous year.
9. Recovery in bad debts amounted to Rs2,177 Cr during FY23 as against Rs1,612 Cr in
during FY22.
10. Provision Coverage Ratio (PCR) of the Bank improved by 644 bps to 93.82% in FY23 as
against 87.38% in FY22.
11. As on 31st March 2023, Bank has a network of 5,787 domestic branches, 3
overseas branches and 1 IFSC Banking unit (GIFT City), taking the total branch network to
5,791.
12. Total number of Bank's ATMs and BNAs stood at 4929 which include 591 offsite
ATMs/BNAs and 2 mobile ATMs.
13. 2914 Passbook Kiosks have been installed by Bank as on 31st March 2023.
B. INCOME AND EXPENDITURE
(Amount Rs in Cr)
Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
Interest Earned |
38856 |
44942 |
15.66 |
Interest Expended |
22128 |
24717 |
11.70 |
Net Interest Income (NII) |
16728 |
20225 |
20.91 |
Other Income |
6915 |
7143 |
3.30 |
Of which - Fee Income |
2555 |
2969 |
16.20 |
Profit on sale of Investments |
1626 |
381 |
-76.57 |
Recovery of bad debts |
1612 |
2177 |
35.05 |
(Amount Rs in Cr)
Particulars |
31.03.22 |
31.03.23 |
YoY (%) |
Operating Revenue (NII + Other income) |
23643 |
27369 |
15.75 |
Operating Expenses |
10926 |
12098 |
10.72 |
Of which - Employee Expenses |
6695 |
7527 |
12.41 |
Other operating Expenses |
4231 |
4571 |
8.01 |
Operating Profit |
12717 |
15271 |
20.08 |
Provisions |
8772 |
9989 |
13.87 |
Of which - Provisions for NPA (inclusive of NPI) |
8557 |
6921 |
-19.11 |
Provision for Standard advances |
962 |
2295 |
139 |
Provision for Tax |
(741) |
633 |
- |
Net profit |
3945 |
5282 |
33.89 |
As on March 31, 2023,
1. Total income of the Bank increased by 13.79% and stood at Rs52,085 Cr, with Interest
Income at Rs44,942 Cr and other Income at Rs7,143 Cr.
2. Bank's total expenditure inceased by 11.37% and stood at Rs36,185 Cr with Interest
Expenditure at Rs24,717 Cr and Operating expenses at Rs12,098 Cr.
3. Bank's Operating Profit and Net Profit witnessed an increase of 20% and 34%
respectively and stood at Rs15,271 Cr and Rs5,282 Cr respectively. (For FY22 the same were
at Rs12,717 Cr and Rs3,945 Cr respectively).
C. Key Ratios for Mar'23 are as under: (in %)
Parameters |
31.03.22 |
31.03.23 |
Yield on Advances |
7.21 |
7.76 |
Cost of Deposits |
3.97 |
4.09 |
Return on Assets |
0.63 |
0.77 |
Return on Equity |
12.13 |
14.73 |
Net Interest Margin |
2.93 |
3.37 |
Cost Income ratio |
46.21 |
44.20 |
Average Business per employee (Rs in lakh) |
2252 |
2355 |
Profit per employee ( Rs in lakh) |
9.91 |
12.95 |
D. NETWORTH AND CRAR
1. Networth of the Bank stood at Rs37,431 Cr as on March 31, 2023 as against Rs33,625
Cr in March 31, 2022.
2. As per Basel III norms, the Capital to Risk weighted Assets Ratio (CRAR) was at
16.49% as on March 31, 2023, compared to 16.53% in March 31, 2022 and as
against the regulatory requirement of 11.50%. The CET- I ratio was at 12.89% as against
12.53% in March 31, 2022 and the minimum requirement of 8.00%. The CRAR of Tier I capital
was at 13.48% as of March 31, 2023.
|
|
(in %) |
|
As on |
BASEL III |
31.03.2022 |
31.03.2023 |
CET- I |
12.53 |
12.89 |
Tier- I Capital |
13.17 |
13.48 |
Tier-II Capital |
3.36 |
3.01 |
Total |
16.53 |
16.49 |
E. RECRUITMENT / TRAINING
As per Government guidelines, pre-recruitment and pre-promotion trainings were offered
to SC/ST employees during the process of direct recruitment and internal promotions.
F. CHANGES IN THE BOARD DURING THE YEAR:
All the Directors have been appointed/nominated by the Govt. of India (GOI) except
Shareholder Directors.
Shri Sanjeev Kaushik was GoI Nominee Director of the Bank upto 13.09.2022.
Government of India, Ministry of Finance, Department of Financial Services, vide
notification dated 14.09.2022 nominated Dr. M P Tangirala as GoI Nominee Director of the
Bank in place of Shri Sanjeev Kaushik.
Shri Mahesh Kumar Bajaj was appointed as Executive Director of the Bank vide Government
of India, Ministry of Finance, Department of Financial Services, notification dated
21.11.2022.
G. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that in the preparation of the annual accounts for the year ended
March 31, 2023:
1. The applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
2. The accounting policies framed in accordance with the guidelines of the Reserve Bank
of India, were consistently applied;
3. Reasonable and prudent judgment and estimates were made so as to give a true and
fair view on the state of affairs of the Bank at the end of the financial year and profit
of the Bank for the year ended March 31, 2023.
4. Proper and sufficient care were taken for the maintenance of adequate accounting
records in accordance with the provisions of applicable laws governing banks in India; and
5. The accounts have been prepared on a going concern basis.
H. ACKNOWLEDGEMENT
The Board expresses its deep sense of gratitude to the Government of India, State
Governments, Reserve Bank of India and Securities & Exchange Board of India for the
valuable guidance and support received from them. The Board also thanks the financial
institutions and correspondent Banks for their co-operation and support. The Board
acknowledges the unstinted support of its customers and shareholders. The Board places on
record its appreciation for the valuable contribution made by Shri. Sanjeev Kaushik who
ceased to be member during the year. The Board also places on record its appreciation for
the dedicated services and contribution made by members of staff for the overall
performance of the Bank.
For and on behalf of Board of Directors |
S L JAIN |
MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER |
|