MUMBAI: Microfinancier-turned-small-financier-turned-commercial-lender Bandhan Bank has reported a sharp 52% plunge in net income at Rs 205.6 crore for the December quarter down from Rs 426.5 crore in the corresponding quarter last year, due to lower income and higher expenditure.
However, on a sequential basis the Kolkata based bank said its December quarter net rose 84%, while net revenue increased 7.8% to Rs 3,379 crore. But total income declined to Rs 6,122 crore from Rs 6,591 crore a year ago.
Net interest income grew 3.8% to Rs 2,688 crore from Rs 2,589 crore while net interest margin edged up to 5.9% from 5.8%.
Gross non-performing assets improved to 3.33% from 4.68%, while net NPAs stood at 1% compared with 1.4% in the previous quarter.
Deposits increased 11% to Rs 1.57 trillion, while gross advances rose 10% to Rs 1.45 trillion of which secured advances grew 27% and accounted for nearly 57% of the total loan book, chief executive Partha Pratim Sengupta said in a statement Thursday.
Total expenditure increased to Rs 4,677 crore as against Rs 4,569 crore in the year-ago period.
Despite the poor set of numbers investors lapped up the shares of the bank which closed at Rs 142.65, up 3.37%.