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

Bandhan Bank Q2 profit down 5% at Rs 920 cr

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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

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