The net profit was Rs 269 crore in the year-ago period. The provisions were lower at Rs 1,212 crore against Rs 1,760 crore.Its net interest margin for the quarter dipped 119 basis points to 3.49% from what it was in the year-ago period.
The mortgage lender kept aside Rs 1196 crore as expected credit loss provisions against Rs 2162 crore in the year ago period. This is in line with improvement in asset quality with gross non-performing assets ratio declined by 1.78% at the end of September from 3.39% a year back.
A breakout from a descending channel can be visible on a weekly time frame. However, confirmation on a closing basis will be awaited. The big volume bar from short-term EMA support and the MACD indicator getting into the bull zone calls for a trend reversal.
The company said it has fully recovered this corporate NPA, constituting about 1.3% of the loan asset as of June 30, 2023. The resolution of this account was achieved on August 19, 2023, by selling the loan to an asset reconstruction company under the Swiss Challenge method under RBI s rules.