Bandhan Bank Q1 net rises 47.5% to Rs481.7 cr
19 Jul 2018
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New Age lender Bandhan Bank has posted a 47.5-per cent rise in its net profit at Rs481.71 crore for the April-June 2018-19 quarter on the back of higher interest income and stable asset quality.
The bank had reported a net profit of Rs326.56 crore in the corresponding period of the previous fiscal.
Bandhan Bank said its net interest income (NII) for the quarter grew 39.5 per cent year-on-year to Rs1,037 crore while non-interest income grew 72.75 per cent to Rs211 crore.
Gross non-performing assets (NPA), as a percentage of all its advances, stayed largely unchanged at 1.26 per cent at the end of the April-June 2018-19 on a sequential basis, but was higher compared to the previous year quarter. Its net NPA ratio at the end of the June quarter stood at was 0.64 per cent.
The bank's gross NPA ratio stood at 0.93 per cent at the end of the corresponding quarter last year while its net NPA ratio stood at 0.56 per cent.
Bandhan Bank's provisions for bad loans during the quarter rose to Rs800.2 crore, compared to Rs556.4 crore in the same quarter last year. In the quarter ended March, the bank had made provisions of Rs1,090.8 crore.
The lender's net interest margin (NIM) for the quarter under review stood at 10.27 per cent, slightly lower than the 10.75 per cent in the corresponding quarter last year.
Its current account and savings account (CASA) ratio stood at 35.46 per cent of total deposits, up from 26.33 per cent last year. The bank started commercial operations on 23 August 2015.
"The start of FY19 has been promising with advances growing YoY by 52 per cent, overcoming the seasonality of the first quarter. We will strive to maintain the growth and quality of assets during this financial year," the bank's managing director and chief executive officer Chandra Shekhar Ghosh said.
