said that its collection efficiency for the month of December has improved to 97 per cent while loan disbursements for the quarter grew 120 per cent year-on-year to Rs 4,800 crore.

Its collection efficiency was 95 per cent in November and 94 per cent in October. The bank’s gross non-performing assets ratio has improved in tandem to 10.5 per cent at the end of December from 11.8 per cent three months back.

The bank’s gross advances rose 22 per cent year-on-year to Rs 16600 crore while total deposits grew 34 per cent to Rs 15,600 crore, it said in a regulatory filing to stock exchanges late Thursday.

Shareholders of the bank, meanwhile, approved the appointment of Ittira Davis as the managing director. They have also approved payment of performance bonus to former managing director Nitin Chugh, who resigned in August last year after the promoter raised alarm over ad-hoc provisioning to cover rising bad loans.