Bandhan Bank Q1 Profit Surges 47% to Rs 1,063 Cr
Jul 26, 2024 17:09
Bandhan Bank reported a 47% jump in net profit for the June 2024 quarter, reaching Rs 1,063 crore, driven by a decline in bad loans. The bank's total income and interest income also grew.
New Delhi, Jul 26 (PTI) Private sector Bandhan Bank on Friday posted a 47 per cent jump in its net profit to Rs 1,063 crore for the June 2024 quarter due to a decline in bad loans.
The lender had earned a net profit of Rs 721 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 6,063 crore against Rs 4,908 crore a year ago, Bandhan Bank said in a regulatory filing.
Interest income grew to Rs 5,536 crore during the period under review from Rs 4,523 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) improved to 4.23 per cent of gross advances as of June 30, 2024, from 6.76 per cent in the April-June quarter of the previous fiscal.
Net NPAs also declined to 1.15 per cent of the advances from 2.18 per cent a year ago.
As a result, provisions other than tax and contingencies declined to Rs 523 crore against Rs 602 crore earmarked during the same quarter a year ago.
The Capital Adequacy Ratio of the bank declined to 14.97 per cent compared to 19.75 per cent on June 30, 2023.
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