Bandhan Bank on Wednesday reported over three- fold jump in net profit at Rs 721 crore for the second quarter ended September 30, 2023.
The Kolkata-headquartered private sector lender had posted a profit of Rs 209.30 crore for the same quarter a year ago.
Total income during July-September this fiscal rose to Rs 5,032 crore as against Rs 4,250 crore in the same period of 2022-23, Bandhan Bank said in a regulatory filing.
Net interest income grew to Rs 2,443 crore in Q2 FY24 from Rs 2,193 crore in Q2 FY23.
On the asset quality front, the lender reported deterioration as gross non-performing assets (NPAs or bad loans) rose to 7.32 per cent of gross advances at end-September 2023 from 7.19 per cent by the end of second quarter of 2022-23.
Likewise, net NPAs or bad loans also increased to 2.32 per cent, from 1.86 per cent.
However, provision (other than tax) & contingencies declined to Rs 636 crore from Rs 1,280 crore in the same quarter a year ago.
Net interest margin of the bank improved to 7.2 per cent in Q2 FY24 from 7 per cent in Q2 FY23.
Chandra Shekhar Ghosh, MD and CEO, said: “The performance in the second quarter of the financial year has been encouraging for the bank. In line with Bank’s diversification agenda, it is focusing on further augmenting its retail banking portfolio.
With all the new business lines initiated over the last few quarters and technology transformation undertaken by the bank, we are confident of a good run in the rest of this financial year.”