Bandhan Bank Ltd on Wednesday reported a 47.5% jump in its June-quarter net profit due to higher other income and net interest income. Net profit for the quarter stood at Rs 481.71 crore against Rs 326.56 crore a year ago.
Net interest income (NII), or the core income a bank earns by providing loans, was up 39.50% to Rs 1,037.17 crore from Rs 743.49 crore last year. Other income was at Rs 210.69 crore, up 72.75% from Rs 121.96 crore a year ago.
Provisions and contingencies rose 43.83% to Rs 80.03 crore in the quarter from Rs 55.64 crore a year ago. On a quarter-on-quarter basis, these declined 26.64% from Rs 109.09 crore.
Gross non-performing assets (NPAs) surged 121.67% to Rs 388.34 crore at the end of the June quarter from Rs 175.19 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.26% as compared to 1.25% in the previous quarter and 0.93% in the year-ago quarter. Net NPAs were at 0.64% in the June quarter compared to 0.58% in the previous quarter and 0.56% in the same quarter last year.
Advances for the quarter grew 52% to Rs 32,590 crore while deposits rose 37% to Rs 30,703 crore.
“The start of FY19 has been promising with advances growing year-on-year by 52%, overcoming the seasonality we normally witness during the first quarter.We will strive to maintain growth and the quality of assets during this financial year,” said Chandra Shekhar Ghosh, managing director and chief executive officer of the bank.
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