Home/ Companies / News/  Bandhan Bank Q3 net profit rises 36% to 859 crore

Bandhan Bank on Friday reported a 36% rise in net profit at 859 crore for the third quarter ended December 31, 2021. It was 633 crore in the year-ago period.

The net interest income (NII) rose marginally during the third quarter to 2,125 crore as against 2,072 crore in the same quarter last year.

Non-interest income grew by 27% to 712 crore for the quarter ended December 31, 2021 against 562 crore in the corresponding quarter of the previous year.

On the asset quality front, gross non-performing assets (NPAs) rose significantly to 10.81% of gross advances against 1.1% in the year-ago period. Similarly, net NPAs increased to 3.01% from 0.26%.

Operating Profit for the quarter increased by 1.4% to 1,950 crore as compared to 1,923 crore in the previous year period.

“We have seen all round recovery during the quarter with improved collection and increase in

disbursement. Q4 historically has been the best quarter for the Bank and we are positive of our business going forward. With Group loan share in total advances reduced to 52%, Bank is on track to achieve the diversification strategy which it had laid down for FY25," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank

However, provisions other than tax and contingencies declined to 805.71 crore as compared to 1,077.83 crore earlier.

Net Interest Margin also slipped to 7.8% during the quarter from 8.3% in the same period of the previous fiscal.

Despite technical write off of 1,200 crore during the quarter, Provision Coverage Ratio (PCR) improved from 74.1 per cent as on September 30, 2021 to 74.4 per cent as on December 31, 2021.

On Friday, Bandhan Bank shares closed 0.93% at 297.15 apiece on NSE.

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Updated: 21 Jan 2022, 05:54 PM IST
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