Bandhan Bank today reported a net profit of ?972 crore for the quarter ended September 30, as against ?488 crore in the corresponding quarter of the previous year. In view of the amalgamation with Gruh Finance, the figures for the current quarter are not comparable with the corresponding figures of previous year/period. Bandhan Bank shares were up 3% at ?572 in noon trade as compared to a flat Sensex.
Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank, said: “Our performance this quarter has been good. There has been a strong growth in Deposits and Advances with record growth in profits. As we step into the second half of the financial year we feel more confident given our current performance. Historically second half year has always been better than first half year.”
“Having completed the merger in record time, we now look forward to enhancing the Housing Loan business with the expertise of the well experienced team and the well tested model coupled with our large distribution network and customer base,” he added.
Bandhan Bank Q2 Highlights:
Deposit portfolio grew 49.26% YoY
CASA grew 38.69% YoY
CASA ratio at 33.40% (excluding GRUH deposits 35%) against 36.9% YoY
Net Interest Income (NII) for the quarter grew by 41.84% to ?1,529 crore as against ?1,078 crore in the corresponding quarter of the previous year
Net NPAs as on September 30, 2019 at 0.56% against 0.56% June 30, 2019 (standalone) and 0.69% as on September 30, 2018 (standalone)
Non-interest income grew by 56.96% to ? 361 crore for the quarter ended September 30, 2019 against ? 230 crore in the corresponding quarter of the previous year
Gross NPAs as on September 30, 2019 is at 1.76% against 2.02% as on June 30, 2019 (standalone)
News Source:- livemint