Bandhan Bank Q1 profit beats Street, rises 45.5%

Mumbai: Private sector lender Bandhan Bank on Friday reported a 45.55% year-on-year rise in net profit at ?701.14 crore for the quarter ended 30 June, on the back of higher net interest income and other income.

It had posted a net profit of ?481.71 crore in the corresponding quarter last year. It was higher than ?622.7 crore estimated by a Bloomberg poll of five analysts.

Net interest income (Nll) for the quarter increased 35.98% to ?1,410.38 crore, against ?1,037.17 crore in the same quarter last year.

Other income grew 48.18% to ?312.21 crore during the quarter, from ?210.69 crore a year ago.

Percentage of gross non-performing assets (NPAs) climbed to 2.02% in Q1 from 2.04% on a quarter-on-quarter basis. Percentage of net NPAs stood at 0.56%, against 0.64% during the same period.

Provisions and contingencies rose 56.70% year-on-year to ?125.40 crore during the first quarter, from ?80.03 crore in the corresponding period last year.

At 2.03pm, the scrip was trading 2.40% down on the BSE after the announcement of the financial results.

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