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The lender reported a 39% year-on-year drop in net profit for the quarter ending September 2024, with net profit at Rs 1,325 crore, falling short of market expectations of Rs 2,138 crore. In the same quarter last year, the profit was Rs 2,181.47 crore.

Despite the profit decline, the bank’s net interest income (NII) increased by 5% year-on-year to Rs 5,347 crore. However, the net interest margin (NIM) fell to 4.08%, down 21 basis points from 4.29% a year earlier and 18 basis points lower compared to the previous quarter.

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