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The bank's operating profit for the quarter was 59% lower at Rs 22.3 crore against Rs 54.3 crore earlier. Net interest income compressed to Rs 11400 crore as compared with Rs 12686 crore.
The bank's gross advances showed healthy growth, reaching ₹10,347 crore in Q3FY24, a notable increase of 11.93% compared to Q3FY23 gross advances of ₹9,244 crore. Additionally, the total deposits of the bank grew by 10.60% YoY to ₹14,310 crore in Q3FY24.
The director, Sridhar Kalyanasundaram, who was appointed to the board in December last year, wrote a resignation letter to the board detailing his differences regarding the rights issue of shares, complained of lack of support from other board members and raised concerns over their ‘lack of in-depth banking knowledge.