Bandhan Bank Q3 Results: Net profit rises by 152% YoY to ₹733 crore
Bandhan Bank reports a 152% YoY increase in net profit to ₹732.7 crore in Q3 FY24. Net Interest Income grows 21% YoY to ₹2525 crore.
Bandhan Bank its Q3 earnings: Net profit increases by 152% YoY to ₹732.7 crore in the quarter ending December in FY24 against ₹290.6 crore in Q3 FY23.
Its Net Interest Income (NII) of the bank recorded a growth of 21 per cent annually to ₹2525 crore during the quarter under review against ₹2081 crore in the year-ago period. The total deposits of the bank stood at ₹1.17 lakh crore, the company said in its press release.
Bandhan Bank Q3: Loan portfolio
The loan portfolio grew by 18.6% YoY to ₹1.16 lakh crore in Q3 FY24. Other than housing finance books, Bandhan Bank's retail loan books grew by 70% YoY. Commercial banking grew by 60% YoY, whereas housing finance books grew more than 6% YoY. The EEB Book growth of the bank improved by 10% YoY and grew by 7.5% on a quarterly basis. Total Deposits of the bank stood at ₹1.17 lakh crore, growing by 14.8% YoY, better than the industry average growth.
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Bandhan Bank Q3 earnings: NPA and customer addition
The gross NPA of the bank improved to 7% as of December 31, 2023, against 7.3% as of September 30, 2023. For the quarter under review, the collection efficiency for the bank stood steady and healthy at 98% for the December quarter. For the EEB book, collection efficiency stood at 99% in the quarter ending December.
During the December quarter, Bandhan Bank added around 9 lakh new customers. With this, the total number of customers stood at ₹3.26 crore. Total Banking outlets stood at more than 6,250. During the quarter, the number of employees of the bank has gone above 75,000.
“The growth in this quarter across various segments of business is very encouraging. The bank has demonstrated stability across various key performance indicators despite a tough operating environment. With the recent CBS migration and the new talent in the Bank’s leadership, I am confident that we will continue the growth momentum. Looking ahead, we stand poised for growth, leveraging our robust foundation to seize emerging opportunities and continue serving the nation’s population with services that they truly deserve,” said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.
The bank shares closed 0.96% higher at ₹216.25 per share on BSE on Friday. The bank shares have declined by 6.23% in one month.
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Business NewsCompaniesCompany ResultsBandhan Bank Q3 Results: Net profit rises by 152% YoY to ₹733 crore
First Published:9 Feb 2024, 03:52 PM IST
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