Nabard's Net Profit Rises 34 Pc To Rs 4,495 Crore In December Quarter

NABARD reports a significant 34% increase in net profit, reaching Rs 4,495 crore for the December 2023 quarter. With an 18 basis point margin boost and a strong balance sheet, the national bank shows a robust income surge and a steady rise in assets.
Nabard's Net Profit Rises 34 Pc To Rs 4,495 Crore In December Quarter

The national developmental bank Nabard has reported a 34 per cent on-year rise in net profit at Rs 4,495 crore for the 2023 December quarter, helped by robust income growth and balance sheet expansion.

In the year-ago period, it had booked Rs 3,345 crore in post tax profit.

The bottom line expansion was led by a margin increase of 18 basis points to 1.53 per cent, a marginal improvement in gross bad loans at 0.27 per cent and zero net Non Performing Assets (NPAs).

Total income of the bank rose 25 per cent to Rs 35,503 crore in the latest December quarter from Rs 28,463 crore. During the same period, expenses increased 23 per cent to Rs 29,496 crore from Rs 24,042 crore, its chairman Shaji K V told PTI on Wednesday.

The city-headquartered bank saw its assets size rising 15 per cent to Rs 8,31,091 crore as of December 2023 and the chairman said the same is likely to cross Rs 9.05 lakh crore by March end.

Of the total assets, its own funds rose 10 per cent to Rs 71,261 crore.

On the other hand, loans and advances rose 12 per cent to Rs 7,41,650 crore and and investments jumped 38 per cent to Rs 76,699 crore.

Deposits and borrowings rose 16 per cent to Rs 7,09,038 crore from Rs 6,12,330 crore, Shaji, who assumed charge as the chairman in December 2022, said.

In the nine months ended December, the bank's disbursements climbed to Rs 2,79,979 crore as against Rs 1,82,019 crore a year ago and the fiscal-end target of the same is Rs 4,48,519 crore.

Out of the total disbursements, 44 per cent of the loans were given to cooperative banks, 15 per cent to regional rural banks, 20 per cent to commercial banks, 9 per cent to state cooperative marketing federations and 10 per cent to state and central governments, among others.

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