Bandhan Bank Q2 profit jumps over 3-fold to ₹721 cr

PTI | | Posted by Singh Rahul Sunilkumar

Bandhan Bank on Wednesday reported over three- fold jump in net profit at 721 crore for the second quarter ended September 30, 2023.

Bandhan Bank(Reuters File Photo)
Bandhan Bank(Reuters File Photo)

The Kolkata-headquartered private sector lender had posted a profit of 209.30 crore for the same quarter a year ago.

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

Net interest income grew to 2,443 crore in Q2 FY24 from 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 per cent of gross advances at end-September 2023 from 7.19 per cent by the end of second quarter of 2022-23.

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

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

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

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