Bandhan Bank Q2 profit jumps over 3-fold to Rs 721 crore

Bandhan Bank on Wednesday reported over three- fold jump in net profit at Rs 721 crore for the second quarter ended September 30, 2023. The Kolkata-headquartered private sector lender had posted a profit of Rs 209.30 crore for the same quarter a year ago.

Total income during July-September this fiscal rose to Rs 5,032 crore as against Rs 4,250 crore in the same period of 2022-23, Bandhan Bank said in a regulatory filing.

Net interest income grew to Rs 2,443 crore in Q2 FY24 from Rs 2,193 crore in Q2 FY23.

On the asset quality front, the lender reported deterioration as gross non-performing assets (NPAs or bad loans) rose to 7.32% of gross advances at end-September 2023 from 7.19% by the end of second quarter of 2022-23.

Likewise, net NPAs or bad loans also increased to 2.32%, from 1.86%.

However, provision (other than tax) & contingencies declined to Rs 636 crore from Rs 1,280 crore in the same quarter a year ago.

Net interest margin of the bank improved to 7.2% in Q2 FY24 from 7% in Q2 FY23.