Bandhan Bank profit up 2-fold to Rs 733 crore
NEW DELHI: Private sector Bandhan Bank on Friday registered over two-fold rise in net profit at Rs 733 crore for the third quarter of current financial year on account of improvement in core income.
The Kolkata-based bank had reported a net profit of Rs 291 crore in the year-ago period. Total income rose to Rs 5,210 crore in the December quarter from Rs 4,840.94 crore a year ago, the bank said in a regulatory filing. The interest income improved to Rs 4,665 crore compared to Rs 3,808 crore in the third quarter of the previous fiscal. Net interest income jumped to Rs 2,530 crore from Rs 2,080 in the corresponding period of the preceding year.
On the asset quality front, the bank recorded an improvement with gross NPAs (non-performing assets) falling to 7%, as compared to 7.2% at the end of October-December quarter of previous fiscal. However, net NPAs increased to 2.2% as against 1.9% in the previous year. Provision and contingencies nearly halved to Rs 684 crore over Rs 1,541 crore in FY23. However, the capital adequacy ratio declined to 17.86% in the December quarter as against 19.1%.