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Ratnakar Bank FY12 net profit rises 112%

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Private sector lender on Tuesday said its net profit surged 112 per cent in 2011-12 to Rs 66 crore, driven by growth in its advances. “The bank has made all-round progress in its transformation journey over the last 18 months or so. The bank’s focus on getting the best talent, nurturing the human resources and taking an inclusive approach has allowed us to progress significantly in meeting these objectives,” Vishwavir Ahuja, managing director and chief executive officer of the bank, said in a statement.

Net advances increased 117 per cent to Rs 4,132 crore while total assets grew 111 per cent to Rs 7,205 crore at the end of March. Total deposits expanded 132 per cent to Rs 4,739 crore. Gross non-performing asset ratio stood at 0.80 per cent and was 0.20 per cent. “The bank’s attention to financial prudence alongside the various initiatives being taken has helped the bank manage its credit quality and profitability well, which has added value to our stakeholders,” Ahuja said.

The bank closed the financial year with a capital adequacy ratio of 22.7 per cent.

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