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Private sector lender Bandhan Bank on Friday reported a net profit of Rs 209.30 crore in the quarter ended in September 2022 on the back of a fall in bad loans.
The Kolkata-headquartered bank had posted a net loss of Rs 3,008.60 crore in the same quarter a year ago.
The bank’s total income during the July-September period of 2022-23 grew by 8.5 per cent at Rs 2,669.4 crore as against Rs 2,459.9 crore in the same period of 2021-22, Bandhan Bank said in a regulatory filing.
The lender said its housing finance division achieved its best-ever growth of 32 per cent year-on-year and the retail division grew 112 per cent from a year ago. Commercial banking division grew 96 per cent yearly.
Among other key parameters, the net interest income, interest earned minus interest expended, rose by 13.3 per cent in Q2FY23 at Rs 2,193 crore, as against Rs 1,935.4 crore in Q2FY22, the bank said.
However, the non-interest income fell by 9.2 per cent during the quarter to Rs 476.4 crore from Rs 524.5 crore a year ago.
Also, the operating profit came down by a marginal 2 per cent at Rs 1,552.9 crore. The asset quality of the bank showed improvement as the gross non-performing assets (GNPA) as on September 30, 2022, fell to 7.19 per cent of the gross advances as against 10.8 per cent as on September 30, 2021.
Net NPAs too improved to 1.86 per cent against 3.04 per cent.
The provisioning requirement fell to Rs 1,279.7 crore for the quarter as against Rs 5,613.5 crore in the year-ago quarter.
The net interest margin for the lender stood at 7 per cent for Q2FY23.
Total advances grew by 17.4 per cent to Rs 95,834.9 crore at end of September 2022 against Rs 81,661.2 crore by year ago same period, the lender said. Total deposits increased by 21.3 per cent to Rs 99,365.8 crore.
“As we enter the H2FY23, the focus shifts on growth, and with pandemic-related stress phasing out, we look forward to ending the FY23 on a high note,” Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said. Bandhan Bank shares closed at Rs 265.20 apiece on BSE, down by 2.12 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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