Bandhan Bank Q2 profit down 5% at Rs 920 cr-April 2024-www.financetom.com

Bandhan Bank Q2 profit down 5% at Rs 920 cr

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Bandhan Bank Q2 profit down 5% at Rs 920 cr

Nov 2, 2020 6:16 AM

Bandhan Bank on Monday reported 5.3 percent decline in net profit at Rs 920 crore for September quarter of the current fiscal year. The bank clocked a net profit of Rs 971.80 crore in the same period of 2019-20.

Total income grew 22 percent to Rs 2,304.90 crore in July-September 2020-21 as against Rs 1,889.30 crore in the year-ago period, Bandhan Bank said in a regulatory filing. Net interest income of the Kolkata-headquartered lender jumped 25.8 percent to Rs 1,923.1 crore during the quarter while the non-interest income grew 6.1 percent to Rs 381.8 crore.

Bandhan Bank said it has reported the highest ever quarterly profit before tax at Rs 1,233 crore during the period under review. Net Interest Margin (annualised) in the quarter fell to 8 percent against 8.2 percent in year-ago period. During the quarter, the bank took accelerated additional provision on standard advances amounting to Rs 300 crore. With this provision and the additional standard assets provision that bank is carrying in micro banking portfolio, the total additional provision in books stands at Rs 2,096 crore, it said.

The bank’s gross non-performing assets fell to 1.2 percent (Rs 874 crore) of gross advances as of September 30, 2020 as against 1.8 percent (Rs 1,064.20 crore) by the year-ago same period. Net NPAs too improved to 0.4 percent (Rs 262.50 crore) from 0.6 percent (Rs 336.90 crore).

”As the moratorium ended on 31st August 2020 coupled with robust rural performance, we have seen an all-round improvement in collection, disbursement and deposits. On deposits front, we have witnessed the best ever quarter whereas on the disbursement front, we are close to pre-COVID-19 level.”

Collections have seen a steady improvement month-on-month and is expected to reach near normal in the next 90 days. We now look forward to accelerate the business in H2FY 21,” Managing Director and CEO Chandra Shekhar Ghosh said. Total Advances grew 19.4 percent to Rs 76,614.6 crore as on September 30, 2020. Total deposits increased 34.4 percent to Rs 66,127.7 crore.

Bandhan Bank stock was trading at Rs 305.50 on BSE, up 5.62 percent from the previous close.

First Published:Nov 2, 2020 3:16 PM IST

Previous page： For every $1/mmbtu gas price increase, profit for upstream cos will go up by 13-14%: Centrum Broking Next page： Regulatory hurdles likely to delay Zee-Sony merger; Invesco’s NCLT move premature: Experts

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

For every $1/mmbtu gas price increase, profit for upstream cos will go up by 13-14%: Centrum Broking

Sep 30, 2021

APM gas prices will increase from tomorrow. From tomorrow, we will see a hike of around 60 to 70 percent, that is the expectation. It happens every six months, from April 2022 it is expected to increase by another 60 percent because of the surge that we have seen in global gas prices. Of course, it is a positive for gas producers, the likes of ONGC, Oil India, however, it is negative for the ones that are using it as input, so the likes of fertiliser companies, IGL, MGL and also the power companies which use gas could see some impact as far as the input costs are concerned.

Regulatory hurdles likely to delay Zee-Sony merger; Invesco’s NCLT move premature: Experts

Sep 30, 2021

The boardroom battle between Zee Entertainment and Invesco is getting more intense. Invesco has moved the National Company Law Tribunal (NCLT) against Zee Entertainment for failing to announce a date for the extraordinary general meeting (EGM) - Invesco had earlier demanded that an EGM be held to reshuffle the board. They had also sought Puneet Goenka's ouster from the board. HP Ranina, corporate lawyer, JN Gupta, former ED, SEBI and MD at Stakeholders Empowerment Services, and Shriram Subramanian, founder and MD, InGovern, discussed this further.

Indian Overseas Bank shares hit 20% upper circuit after RBI removes lender from PCA framework

Sep 30, 2021

Shares of Indian Overseas Bank were locked in 20 percent upper circuit at Rs 24.60 on Thursday as the Reserve Bank of India (RBI) has removed the lender from the PCA (prompt corrective action) framework.

Supreme Court rejects Adani Gas' plea seeking authorisation for city gas distribution network in Ahmedabad district

Sep 28, 2021

The Supreme Court on Tuesday rejected its plea challenging the bidding process for the supply of PNG and CNG in Sanand, Bavla, and Dholka of Ahmedabad district.