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 of ₹546.30 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.
Deposits rose 27.64% to ₹43,232 crore while advances increased 38.46% to ₹44,776 crore.
"The year 2018-19 has been a challenging year for the banking industry. We closed the financial year on a positive note with visibility of growth and improvement in asset quality and liability profile," said Chandra Shekhar Ghosh managing director and chief executive officer of Bandhan Bank.
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