Bandhan Bank March quarter profit rises 20% to Rs387.86 crore
Bandhan Bank’s net interest income, or the core income a bank earns by giving loans, increased 25.2% to Rs863.40 crore versus Rs689.72 crore last year
Mumbai: Bandhan Bank Ltd on Friday reported a 20.3% jump in its March quarter net profit due to higher net interest income and other income.
Net profit for the quarter stood at Rs387.86 crore against Rs322.41 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, increased 25.2% to Rs863.40 crore versus Rs689.72 crore last year. Other income was at Rs203.37 crore, up 57.1% from Rs129.43 crore a year ago.
Provisions and contingencies surged 200% to Rs109.08 crore in the quarter from Rs36.44 crore a year ago. On a quarter-on-quarter basis, they fell 11% from Rs122.55 crore.
Gross non-performing assets (NPAs) advanced 333% to Rs373.14 crore at the end of the March quarter from Rs86.26 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.25% as compared to 1.67% in the previous quarter and 0.51% in the year-ago quarter. Net NPAs were at 0.58% in the March quarter compared to 0.8% in the previous quarter and 0.36% in the same quarter last year.
Advances for the quarter rose 76.45% from a year ago to Rs297.13 billion, while Deposits gained 45.81% to Rs338.69 billion.
At 1pm, Bandhan Bank shares were trading at Rs514.10 on BSE, up 4% from its previous close, while India’s benchmark Sensex Index gained 0.68% to 34,949.88 points.
- Q2 earnings: HCL Tech posts better-than-expected profit
- Rent a house from Oyo starting from Rs 7,999 per month. 5 things to know
- New Hyundai Santro gets over 1,000 bookings a day
- RBL Bank Q2 profit rises 36% to Rs 205 crore
- Paytm says consumer data safe after founder Vijay Shekhar Sharma’s personal data stolen
Editor's Picks »
- Most things we see in a smartphone have reached saturation level: Pankaj Rana
- One size doesn’t fit all: Brand leaders on finding the right audience and connecting with them
- Karnataka bypolls to affect upcoming state elections, 2019 polls: Kumaraswamy
- Devendra Fadnavis says half of Maharashtra facing drought-like situation
- iPhone XR: The cheaper Apple phone
- Hindustan Zinc dividend payout offsets dull Q2 results
- Q2 results no blockbuster for Inox Leisure as margins disappoint
- NBFC scare shaves 8.5% of IndusInd Bank share price
- Q2 results portent a dull Diwali for paint stocks investors
- Reliance Jio seen overtaking Vodafone Idea, Airtel to become India’s largest telecom firm by 2018-end