Private sector lender Bandhan Bank on Friday reported a 45.55% year-on-year rise in net profit to 701.14 crore in the June quarter on higher net interest income and other income. The profit was higher than the 622.7 crore estimated analysts. Net interest income, the difference between interest earned and expended, rose 35.98% to 1,410.38 crore against the year-ago period.

Net interest margin, a key measure of profitability, rose 18 basis points to 10.45% on a year-on-year basis. Other income grew 48.18% to 312.21 crore from 210.69 crore a year ago. Bandhan Bank’s provisions rose 56% y-o-y to 125 crore in the June quarter of FY20.

“2019-20 has started on a promising note, with asset growth at 39.36%. In the year, we expect the Gruh merger to get consummated," Chandra Shekhar Ghosh, managing director and chief executive, Bandhan Bank, said in a note.

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