Bandhan Bank Q1 profit up 138% to `886.5 crore

Kolkata: In the first quarter of financial year 2022-2023, the private lender Bandhan Bank's net profit jumped 138 per cent to Rs 886.5 crore as compared to last year's Rs. 373.1 crore.

The lender provided the financial results for the quarter, which ended on June 30 this year.

Their Net Interest Income (NII) grew by 18.9 per cent to Rs 2,514.4 crore as against Rs 2,114 crore in the corresponding quarter of the previous year.

The bank's total business (deposits and advances) grew 20.3 per cent year-on-year to reach around Rs. 1,89,707 crore as on June 30, 2022. It has 2.69 crore customers through 5640 banking outlets across

India.

During the first quarter of the current financial year, the Bank's deposit book grew 20 per cent over the corresponding quarter of the previous year. The total deposits now stand at Rs. 93,057 crore.

In this period, the Bank's retail deposit grew by14.14 per cent year-on-year to Rs. 72,950 crore. The current account and savings account (CASA) book grew by 21 per cent year-on-year, and the CASA ratio now stands at 43.2 per cent of the overall deposit book.

With respect to advances, the bank saw 20.3 per cent growth over the corresponding quarter of the previous year. The total advances are now at Rs. 96,650 crore.

Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at 19.4 per cent, much higher than the regulatory requirement. They are planning on opening more than 500 new branches across India, in this financial year.

The Gross Non Performing Assets (NPAs) on June 30 is at Rs 6,967.6 crore (7.3 per cent) against Rs 6,380 crore (6.5 per cent) as on March 31, 2022 and against Rs 6,440 crore (8.2 per cent) as on June 30

last year.

Net NPA too declined to 1.92 per cent from 3.29 per cent in the same quarter a year ago.

The Managing Director and CEO Chandra Shekhar Ghosh said, "With Asset Quality and Credit Cost stabilizing, our focus in FY 23 will be to grow the Balance Sheet and focus on product and geographic diversification as per Bank's strategy."

The lender said that its housing finance division had achieved best ever growth of 27 per cent year-over-year in Q1. The retail division grew by 62 per cent and the commercial banking segment by 81 per cent year-over-year.