Bandhan Bank shares rallied over 13% on Monday after the private lender reported a 47% jump in net profit for the June quarter, driven by improved asset quality.
New Delhi, Jul 29 (PTI) Shares of Bandhan Bank surged over 13 per cent in morning trade on Monday after the private sector firm 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 stock soared 11.97 per cent to Rs 215.50 on the BSE.
At the NSE, it jumped 13.35 per cent to Rs 218.20.
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 on Friday.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback