Bandhan Bank Q2: Posts profit of ₹209 cr

Private lender Bandhan Bank on Friday reported net profit of ₹209 crore for the quarter ended September. This is against a loss of ₹3,008.6 crore that the bank posted in the corresponding quarter last fiscal.

However, Bandhan Bank's profit fell by 76.4 per cent sequentially, the filing by the bank showed.

- Net interest income (NII) up by 13.3 per cent year-on-year to ₹2,193 crore from ₹1,935.4 crore.

- Total advances grew by 17.4 per cent YoY to ₹ ₹95,834.9 crore from ₹81,661.2 crore.

- Total deposits up by 21.3 per cent to ₹99,365.8 crore from ₹81,898.3 crore.

“As we enter the H2 FY23, the focus shifts on growth and with pandemic-related stress phasing out, we look forward to the end of FY23 on a high note,” said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.

Bandhan Bank's gross non-performing assets for the September quarter improved to 7.19 per cent as against 10.8 per cent in the corresponding quarter last fiscal. Sequentially, it improved to 7.25 per cent. It stood at ₹6,853.85 crore for September quarter as against ₹6,967.55 crore in the corresponding quarter.

The bank's net NPAs improved to 1.86 percent against 3.04 percent. It has kept 1279.7 crore for contingencies, double from pervious quarter.

The bank's provision (other than taxes) slumped 77.2% to ₹1,279.7 crore in Q2 FY23 from ₹5,613.5 crore in Q2 FY22.

Bandhan Bank said banking outlets as of September quarter stood at 5,646. It consisted of 1,190 branches, and 4,456 banking units.

The company's scrip ended 2.12 per cent down to ₹265.20 on BSE.