Bandhan Bank March quarter profit rises 20% to Rs387.86 crore

Mumbai: Bandhan Bank Ltd on Friday reported a 20.3% jump in its March quarter net profit due to higher net interest income and other income.

Net profit for the quarter stood at Rs387.86 crore against Rs322.41 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, increased 25.2% to Rs863.40 crore versus Rs689.72 crore last year. Other income was at Rs203.37 crore, up 57.1% from Rs129.43 crore a year ago.

Provisions and contingencies surged 200% to Rs109.08 crore in the quarter from Rs36.44 crore a year ago. On a quarter-on-quarter basis, they fell 11% from Rs122.55 crore.

Gross non-performing assets (NPAs) advanced 333% to Rs373.14 crore at the end of the March quarter from Rs86.26 crore in the same quarter last year.

As a percentage of total loans, gross NPAs stood at 1.25% as compared to 1.67% in the previous quarter and 0.51% in the year-ago quarter. Net NPAs were at 0.58% in the March quarter compared to 0.8% in the previous quarter and 0.36% in the same quarter last year.

Advances for the quarter rose 76.45% from a year ago to Rs297.13 billion, while Deposits gained 45.81% to Rs338.69 billion.

At 1pm, Bandhan Bank shares were trading at Rs514.10 on BSE, up 4% from its previous close, while India’s benchmark Sensex Index gained 0.68% to 34,949.88 points.