Bandhan Bank reports 68% jump in March quarter net profit

  • Bandhan Bank’s net interest income (Nll) for the quarter grew by 45.60% to 1,258 crore
  • Provisions and contingencies surged 41.28% to 199.97 crore

Bandhan Bank Ltd on Thursday reported a 67.8% increase in its March quarter net profit due to higher net interest and non-interest income. Net profit for the quarter stood at 651 crore, beating the Street’s estimates, up 67.78% from 388 crore a year ago. Analysts expected the lender to report a net profit of546.30 crore, according to a Bloomberg poll of eight analysts.

Net interest income (NII), or the core income a bank earns by giving loans, was up 45.60% to 1,258 crore versus 864 crore last year. Non-interest income was at 388 crore, up 91.13% from 203 crore a year ago.

Provisions and contingencies surged 41.28% to 199.97 crore in the quarter from 112.86 crore a year ago.

As a percentage of total loans, gross NPAs stood at 2.04% as compared to 2.41% in the previous quarter and 1.25% in the same quarter a year ago. Net NPAs were at 0.58% in the March quarter compared to 0.70% in the previous quarter and 0.58% in the same quarter last year.

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