Private sector lender Bandhan Bank posted the financial report for the third quarter of the current fiscal with a net profit of Rs 331.25 crores, surging 10.3% as compared to the net profit of Rs. 300.04 crores secured during the corresponding quarter of the previous fiscal.
The total income of the bank, during the October-December quarter of FY19, jumped to Rs 1,883.65 crores from Rs 1,336.42 crores in the Q3 FY18. Bandhan Bank’s net interest income (NII) during the quarter under discussion rose to Rs 1,124 crores, posting a 53.5 per cent inclined as against Rs 732 crores in the same quarter a year ago.
According to Bandhan Bank’s statement, the gross non-performing assets (NPAs) expanded to 2.41 per cent of the total advances during the Q3 FY19, versus 1.67 per cent during the Q3 FY18. However, the bank’s net NPAs during the December end quarter declined to 0.80 per cent from 0.70 per cent of the net advances.
Bandhan Bank, earlier this week, announced to acquire Gruh Finance Limited which is an affordable housing finance arm of HDFC Ltd. Bandhan Bank reported the share exchange ratio at 568 equity shares of face value of Rs 10 each of Bandhan Bank, issued for every 1,000 equity shares of face value of Rs 2 each of Gruh Finance.