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Bandhan Bank Ltd posted their September-quarter report with a net profit of Rs. 487.65 crores as against Rs. 331.09 crores in the corresponding period of the previous year. Net profit showcased a 47.3% jump, due to higher other income and net interest income.
Net interest income (NII), or the core income earned by the bank by giving loans, was reported 55.35% higher at Rs 1,077.45 crores as compared to Rs 693.57 crores earned during the previous year. Other income stood at Rs. 230.44 crores, as against Rs. 173.24 crore a year ago posting 35.16% surge.
Gross non-performing assets (NPAs) stood at Rs. 413.35 crores quarter during the quarter under review, as compared to Rs 279.15 crores in the same quarter of previous year posting 48.07% incline. As a percentage of total loans, gross NPAs fell to 1.29% as compared with 1.43% in the year-ago quarter. Net NPAs were at 0.69% against 0.76% a year ago.
Provisions and contingencies increased to Rs 124.18 crores, rising by 42.83% from Rs 86.94 crores a year ago. On a quarter-on-quarter basis, P&A jumped by 55.17% from Rs 80.03 crores. Advances for the quarter surged to Rs 31,729.80 crores, increasing by 64.1% meanwhile deposits rose 30% to Rs 32,958.90 crore.
Recently, the Reserve Bank of India barred Bandhan bank from opening new branches and put a lock on the remuneration of its managing director and chief executive officer Chandra Shekhar Ghosh.
