Bandhan Bank reports 36 per cent rise in net profit on Friday 859 crore for the third quarter ended December 31, 2021. this was it 633 crore in the year-ago period.
Net Interest Income (NII) grew marginally during the third quarter 2,125 crore as against 2,072 crore in the same quarter last year.
Non-interest income grew 27% 712 crore for the quarter ended December 31, 2021 562 crore in the corresponding quarter of last year.
On the asset quality front, gross non-performing assets (NPAs) rose to 10.81% of gross advances as against 1.1% in the year-ago period. Similarly, Net NPAs increased from 0.26% to 3.01%.
Operating profit up 1.4% for the quarter 1,950 crore as compared to 1,923 crore in the previous year period.
“We have seen an all-round improvement during the quarter with better collections and growth
disbursement. Q4 has historically been the best quarter for the bank and we are positive about the growth in our business. With the group debt share in total advances coming down to 52%, the bank is on track to achieve the diversification strategy that it had set for FY25,” said Chandra Shekhar Ghosh, Managing Director and CEO, Bandhan Bank.
However, provisions other than taxes and contingencies declined. 805.71 crore as compared to 1,077.83 crore earlier.
Net interest margin also declined to 7.8% during the quarter, from 8.3% in the same period last fiscal.
Despite the technical write-off 1,200 crore during the quarter, the provision coverage ratio (PCR) increased from 74.1 per cent as on September 30, 2021 to 74.4 per cent as on December 31, 2021.
Shares of Bandhan Bank closed at 0.93% on Friday 297.15 each on NSE.
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