Bandhan Bank Q2 profit jumps 47% to Rs 487 crore
Bandhan Bank’s September quarter profit rises 47.3% due to higher other income and net interest income
Mumbai: Bandhan Bank Ltd on Wednesday reported a 47.3% jump in its September-quarter net profit due to higher other income and net interest income. Net profit for the quarter stood at Rs487.65 crore against Rs331.09 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, was up 55.35% to Rs1,077.45 crore versus Rs693.57 crore last year. Other income was at Rs230.44 crore, up 35.16% from Rs173.24 crore a year ago.
Provisions and contingencies rose 42.83% to Rs124.18 crore in the quarter from Rs86.94 crore a year ago. On a quarter-on-quarter basis, these surged 55.17% from Rs80.03 crore.
Gross non-performing assets (NPAs) surged 48.07% to Rs413.35 crore at the end of the September quarter from Rs279.15 crore in the same quarter last year.
As a percentage of total loans, gross NPAs fell to 1.29% as compared with 1.43% in the year-ago quarter. Net NPAs were at 0.69% against 0.76% a year ago.
Advances for the quarter grew 64.1% to Rs 31,729.80 crore while deposits rose 30% to Rs 32,958.90 crore.
Recently, the Reserve Bank of India barred the bank from opening new branches and put a freeze on the remuneration of its managing director and chief executive officer Chandra Shekhar Ghosh. The lender has, however, said that it is taking necessary steps to comply with licensing condition and shall continue to engage with the RBI in this regard.
At 2.30pm, Bandhan Bank shares were trading at Rs504.60 on the BSE, up 4.06% from their previous close, while the benchmark Sensex rose 1.35% to 34,761.56 points.
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