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Bandhan Bank Q1 Results: Net profit sees fall by 19%; NII jumps to 12% hike

New Delhi: Private sector lender Bandhan Bank on July 14 reported its standalone net profit down by 19 per cent to Rs 721 crore for Q1FY23 compared to Rs 886 crore in the corresponding period a year back. However, the bank’s gross non-performing asset (GNPA) declined by 6.76 per cent YoY basis. Last year GNPA […]

Edited By : Prateek Gautam | Updated: Jul 14, 2023 19:21 IST
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Bandhan Bank
Bandhan Bank profit fell by 19% to Rs 721 crore

New Delhi: Private sector lender Bandhan Bank on July 14 reported its standalone net profit down by 19 per cent to Rs 721 crore for Q1FY23 compared to Rs 886 crore in the corresponding period a year back.

However, the bank’s gross non-performing asset (GNPA) declined by 6.76 per cent YoY basis. Last year GNPA stood at 7.25 per cent for the same quarter.

The bank’s NPA stood at 2.18 per cent, coming down from 1.92 per cent during the same period last year.

Bandhan Bank’s financial performance

On the other hand, Net Interest Income (NII) for the June quarter hiked by 11.53 per cent YoY to Rs 4,523 crore in contrast to Rs 4,055 crore in the same quarter last year.

Moreover, Bandhan Bank informed that its commercial banking book rose 78 per cent YoY while its retail loan books grew by 86.5 per cent. Bank’s housing book shot up by 9.5 per cent.

The operating profit of the bank for the June quarter dropped 14 per cent to Rs 1,560 crore, in contrast to Rs 1,820 crore in the same quarter a year back.

On the corporate front, the banking entity added around 7 lakh customers in the first quarter of FY23, taking the total count of customer base to 3.07 crore.

Performance shows the stability of the bank: Chandra Shekhar Ghosh

Bank’s CEO and Managing Director Chandra Shekhar Ghosh said that the quarter’s performance shows the stability of the bank.

“The Bank has also made significant progress in diversifying its asset book. Our investment in people, Technology, IT & expansion over the last few quarters will surely improve the performance of the bank,” he said.

On the last day of the trading session, Bandhan Bank’s shares closed 2.53 per cent higher at Rs 221.25 on NSE.

 

First published on: Jul 14, 2023 07:17 PM IST

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