Bandhan Bank Q3 profit jumps over two-fold to Rs 733 crore

NEW DELHI: Private sector Bandhan Bank on Friday reported over two-fold increase in net profit at Rs 733 crore for the third quarter ended December 2023 on account of improvement in core income.

The Kolkata-based new generation bank had posted a net profit of Rs 291 crore in the year-ago period.

The bank’s total income increased to Rs 5,210 crore in the latest December quarter from Rs 4,840.94 crore a year-ago, the bank said in a regulatory filing.

The interest income also improved to Rs 4,665 crore as against Rs 3,808 crore in the third quarter of the previous fiscal. Net interest income rose to Rs 2,530 crore from Rs 2,080 in the corresponding period of the preceding year.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 7 per cent, as compared to 7.2 per cent at the end of October-December quarter of previous fiscal.

However, net NPAs increased to 2.2 per cent as against 1.9 per cent in the previous year.

Provision and contingencies nearly halved to Rs 684 crore over Rs 1,541 crore in FY23.

However, the capital adequacy ratio declined to 17.86 per cent in the December quarter as against 19.10 per cent.

Bandhan Bank MD & CEO Chandra Shekhar Ghosh said: “The third quarter has always been a growth phase for the Bank over the years. In the beginning of the quarter, the Bank underwent a Core Banking System (CBS) migration. With the new system, we are confident of a further boost in the growth of business. The Bank is committed to serving all its customers through products and services suited to their needs. We will also continue to actively evaluate distribution expansion opportunities to reach out to a larger population across the nation.”