MUMBAI: Sure Financial institution has reported a web revenue of Rs 231 crore, a rise of four-and-a-half occasions the Rs 52 crore within the corresponding quarter final yr.
The enhance in revenue regardless of decrease working income was due to a pointy drop in provisions to Rs 555 crore in Q3FY24 from Rs 845 crore within the third quarter final yr.
Working income at Rs 864 crore have been 5.4% decrease as web curiosity revenue grew by solely 2.3% yr on yr to Rs 2,017 crore, whereas non-interest revenue rose 12% to Rs 1,195 crore. Working bills have been up 10% at Rs 2,347 crore.
On Monday, the Supreme Court docket will hear a petition towards a stayed Bombay excessive court docket order which put aside Sure Financial institution’s resolution to jot down down Extra Tier 1 bonds of Rs 8,415 crore. The write-down was a part of Sure Financial institution’s authorities notified reconstitution plan in 2000.
“We had a fairly good quarter. Our deposit development, excluding certificates of deposits, was 15% yr on yr, which was greater than the advances development of 13.6%,” stated Prashant Kumar, MD and CEO,Sure Financial institution.
He stated that the financial institution added practically 4 lakh new present and financial savings accounts and 96% of financial savings accounts have been opened digitally. The financial institution added 14 new branches within the final quarter, taking the entire department enlargement to 50 through the present fiscal.
The enhance in revenue regardless of decrease working income was due to a pointy drop in provisions to Rs 555 crore in Q3FY24 from Rs 845 crore within the third quarter final yr.
Working income at Rs 864 crore have been 5.4% decrease as web curiosity revenue grew by solely 2.3% yr on yr to Rs 2,017 crore, whereas non-interest revenue rose 12% to Rs 1,195 crore. Working bills have been up 10% at Rs 2,347 crore.
On Monday, the Supreme Court docket will hear a petition towards a stayed Bombay excessive court docket order which put aside Sure Financial institution’s resolution to jot down down Extra Tier 1 bonds of Rs 8,415 crore. The write-down was a part of Sure Financial institution’s authorities notified reconstitution plan in 2000.
“We had a fairly good quarter. Our deposit development, excluding certificates of deposits, was 15% yr on yr, which was greater than the advances development of 13.6%,” stated Prashant Kumar, MD and CEO,Sure Financial institution.
He stated that the financial institution added practically 4 lakh new present and financial savings accounts and 96% of financial savings accounts have been opened digitally. The financial institution added 14 new branches within the final quarter, taking the entire department enlargement to 50 through the present fiscal.
