Compared sequentially also, the performance has been good as there was a net loss of Rs 1,045.54 crore on bank's balance sheet during March quarter of previous fiscal, the bank said in a regulatory filing.
Mohapatra expects to finalise the process for the stake sale by this month and said he has identified more assets to sell this quarter but refrained from sharing more details due to price sensitivity.
The company clocked 16 per cent growth in sales at Rs 345.62 crore in th first quarter of this fiscal from Rs 298 crore in the corresponding period of the previous year.
Gross bad loans as a percentage of total loans fell to 13.05 per cent at end-June from 13.22 per cent at March-end and 13.38 per cent at end-June a year ago.
Gross non-performing assets of the bank improved to 13.05 per cent from 13.38 per cent. Towards the accounts, the bank will make Rs 915 crore provisions in coming three quarters.
The provision coverage ratio improved to 63.54 per cent from 53.06 per cent a year ago.
Florida Times-Union, St. Augustine Record sold
The family is now exploring options for development of the site for mixed use, including offices, a hotel or multifamily housing. The other newspapers included in the sale are the St.
The bank's net interest margin declined to 1.99 percent from 2.2 percent a year ago.
Thus, provisions to cover bad loans came down to Rs 2,245.28 crore for June quarter, compared to Rs 2,770.19 crore, which the bank had parked for the first quarter of 2016-17.
Gross advances grew 0.90 per cent to Rs 3,91,062 crore.
In the current financial year, the bank is planning to seek Rs 2,500 crore capital from the government, Mohapatra said.
Mohapatra targets 8-10 percent growth in both credit and deposit base with a focus on retail growth in addition to upgradation and resolution of bad loans.
In afternoon trade the stock was quoting at Rs157.35, up Rs4.65, or 3.05 per cent on the BSE.
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