BHUBANESWAR:Bandhan Bank on Wednesday reported a 47.5 per cent jump in its net profit in the quarter ended June on the back of higher net interest income or the core income of the bank.
The Kolkata-based lender had posted a net profit of stood at Rs 481.71 crore against Rs 326.56 crore a year ago. Net interest income too rose 40 per cent to Rs 1,037 crore from Rs 743.49 crore last year. Other income was at Rs 210.69 crore, up 72.75 per cent from Rs 121.96 crore a year ago.
As per a regulatory filing of the bank, its total income was Rs 1,766.8 crore in the first three months of 2018-19, up from Rs 1,275.3 crore a year ago.Asset quality remained stable sequentially with gross non-performing assets (NPA) ratio at 1.26 per cent compared to 1.25 per cent in the previous quarter. Net NPAs expanded to 0.64 per cent from 0.58 per cent in the previous quarter.
“The start of FY19 has been promising with advances growing year-on-year by 52 per cent, overcoming the seasonality we normally witness during the first quarter.We will strive to maintain growth and the quality of assets during this financial year,” said Chandra Shekhar Ghosh, MD & CEO of the bank.
After the earnings were announced, the bank’s shares rose as much as 6.79 per cent to hit an all-time high at Rs 600.15.