For Q4, the bank reported a 128.51 per cent at Rs 521 crore, up from Rs 228 crore in the previous year, achieving one of the highest in the industry. Bank Chairman and Managing Director M V Nair told newsmen here that the bank was able to make a significant reduction in both gross and net NPA to 2.18 per cent and 0.17 per cent as on March 31, 2008 from 2.94 per cent and 0.96 per cent in the previous year.
The cost to income ratio reduced further to 38.17 per cent last fiscal, from 42.45 per cent the previous year. The net interest margin for the year ended March 31, 2008 was 2.80 per cent down from 3.05 per cent the previous fiscal.
He said the business mix of the bank saw a 20.76 per cent increase to Rs 179,737 crore as on March 31, 2008 from Rs 148,838 crore as on March 31, 2007.
Deposits grew by 21.93 per cent to touch Rs 103,859 crore, while advances saw a 19.20 per cent increase to reach a level of Rs 75,878 crore.
Detail and CASA (current account, savings account) deposits grew by a robust 28.59 per cent to Rs 85,739 crore.
Mr Nair said the Bank would this year focus on reducing the cost of money as it planned to reduce by 100 basis points high interest deposits totalling Rs 10,000 crore.
He said sustained efforts in marketing of third party products, gains in treasury income and robust recovery in written-off accounts had helped the bank in registering an overall 58.22 per cent growth in non-interest income at Rs 1,087 crore last fiscal as against Rs 687 crore earned the previous year.
During this year the bank aimed to reach a total business of 220,000 crore, a 22 per cent growth with deposits. This deposits would constitute of Rs 127,500 crore, growing by 23 per cent and advances Rs 92,500 crore, up by 22 per cent.
He said with all the bank branches brought under core banking, the bank would next aim to put atleast one ATM in each branch, including those in rural. Effort would also be made to enhance branchless banking, which had so far attracted more than two lakh clients for the bank.