Bandhan Bank Q2 profit rises 18.2% to Rs331 crore
Mumbai: The Kolkata-based private sector lender Bandhan Bank on Saturday reported an over 18% growth in net profit for the quarter to September at Rs331 crore on a substantial rise in both net interest income and non- interest income.
Net interest income for the quarter rose nearly 22% to Rs694 crore from Rs569 crore a year ago, while non- interest income rose a higher 66.42% to Rs223 crore from Rs134 crore, the bank said in a statement. Its current accounts-saving accounts deposits rose to 28.18% of total deposits from 16.71% in the year-ago period.
Total advances (including IBPCs and assignment of the portfolio) in the quarter rose 23.42% to Rs22,111 crore, while deposits grew at a higher 42.29% to Rs25,442 crore. Managing director Chandra Shekhar Ghosh said the management has already appointed merchant bankers for its proposed IPO. Net interest margin slipped to 9.33% from 10.17% in the corresponding quarter and Ghosh said this was due to lowering of lending rates.
Gross non-performing assets also inched up to 1.26% from 0.82% and so was net NPAs which rose to 0.67% from 0.49%. Capital adequacy ratio stood at 26.25% with tier 1 capital ratio at 24.86%.
Bandhan Bank operates 864 branches across 33 states and Union territories, 2543 doorstep service centres and 386 ATMs and serves 11 million customers. Bandhan Bank is the first micro-finance entity to transform itself into a universal bank in June 2015.
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