Private lender Bandhan Bank on Friday reported a 138 percent year-on-year (YoY) jump in net profit at Rs 886.5 crore for the first quarter that ended on June 30, 2022.

In the corresponding quarter last year, the bank posted a net profit of Rs 373.1 crore. A CNBC-TV18 poll had predicted a profit of Rs 915.1 crore for the quarter under review.

The lender's interest income (NII) — the difference between interest earned and expended — grew by 18.9 percent to Rs 2,514.4 crore as against Rs 2,114.0 crore in the corresponding quarter of the previous year.

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Net interest margin (annualised), a measure of profitability, stood at 8.0 percent compared to 8.5 percent in the corresponding quarter of the previous year.

The asset quality of the bank saw improvement, with gross non-performing assets (GNPAs) declining to 7.25 percent from 8.18 percent as of June 30, 2021. Net NPAs fell to 1.92 percent from 3.29 percent as of June 30, 2021.

Total advances (on book + off book + TLTRO + PTC) grew by 20.3 percent to Rs 96,649.7 crore as on June 30, 2022, compared to Rs 80,356.9 crore as on June 30, 2021. Total deposits increased by 20.3 percent to Rs 93,057.0 crore as of June 30, 2022, as compared to Rs 77,335.5 crore on June 30, 2021.

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Commenting on the performance, Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank said: “With asset quality and credit cost stabilising, our focus in (2022-23 fiscal) will be to grow the balance sheet and focus on product and geographic diversification as per bank’s strategy."

The results came after the close of the market hours.