Bandhan Bank Q1 profit doubles to Rs 887 cr

Bandhan Bank on Friday said its June quarter net profit more than doubled to Rs 886.5 crore in April-June 2022-23 aided by a decline in bad loans.

The Kolkata-headquartered private sector lender had logged a net profit of Rs 373.1 crore in the year-ago period.

Total income increased to Rs 2,844.1 crore from Rs 2,731 crore. The interest income of the lender jumped to Rs 2,514.4 crore from Rs 2,114.1 crore, Bandhan Bank said in a regulatory filing.

On the asset quality front, the lender witnessed improvement as gross non-performing assets (NPAs) fell to 7.25 percent of gross advances by June-end 2022 from 8.18 percent in the year-ago period.

Net NPA too declined to 1.92 percent from 3.29 percent in the same quarter a year ago.

As a result, the bank’s provision for bad loans and contingencies eased multi-fold to Rs 642.43 crore in the quarter under review from Rs 1,460.86 crore a year ago, it said.

The provision Coverage Ratio of the bank increased to 74.9 percent as of June 30, 2022, from 61.8 percent on June end, 2021.

Capital Adequacy Ratio (CRAR) stood at 19.4 percent at the end of June 2022 while the interest margin rose to 8 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)