Bandhan Bank Q3 profit rises 36 pc to Rs 859 cr

Bandhan Bank on Friday reported a 36 per cent rise in net profit at Rs 859 crore for the third quarter ended December 31, 2021. Total income during the quarter under review increased by 7.7 per cent to Rs 2,837 crore from Rs 2,625 crore in the same period of 2020-21, Bandhan Bank said in a regulatory filing.

Bandhan Bank on Friday reported a 36 percent rise in net profit at Rs 859 crore for the third quarter ended December 31, 2021. The private sector lender had posted a net profit of Rs 633 crore in the same period of the previous fiscal year. Total income during the quarter under review increased by 7.7 percent to Rs 2,837 crore from Rs 2,625 crore in the same period of 2020-21, Bandhan Bank said in a regulatory filing. The net interest income rose marginally to Rs 2,124.7 crore as against Rs 2,071.7 crore. On the asset quality front, gross non-performing assets (NPAs) rose significantly to 10.81 percent of gross advances against 1.1 percent in the year-ago period. Similarly, net NPAs increased to 3.01 percent from 0.26 percent. However, provisions other than tax and contingencies declined to Rs 805.71 crore as compared to Rs 1,077.83 crore earlier. Net Interest Margin also slipped to 7.8 percent during the quarter from 8.3 percent in the same period of the previous fiscal. ''Despite technical write-off of Rs 1200 crore during the quarter, Provision Coverage Ratio (PCR) improved from 74.1 percent as of September 30, 2021, to 74.4 percent as of December 31, 2021,'' it said.