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Bandhan Bank Q3 results: Net profit jumps 36% to Rs 859 cr

Net Interest Income for the quarter grew by 2.6% to Rs 2,124.7 cr

bandhan bank
BS Web Team New Delhi
2 min read Last Updated : Jan 22 2022 | 1:08 AM IST
Private sector lender Bandhan Bank on Friday reported 36% rise in net profit at Rs 859 crore for the quarter ending December 31, 2021. The lender reported net profit of Rs 633 crore in the year-ago period.

Net Interest Income (NII) for the quarter grew by 2.6% to Rs 2,124.7 crore as against Rs 2,071.7 crore in the corresponding quarter of the previous year.

Gross NPAs as on December 31, 2021 is at Rs 9,441.6 crore (10.81%) as against Rs 8,763.6 crore (10.82%) as on September 30, 2021.

Net NPAs as on December 31, 2021 stood at Rs 2,413.1 crore (3.01%) as against Rs 2,265.8 crore (3.04%) as on September 30, 2021.

Despite technical write off of Rs 1,200 crore during the quarter, the bank's provision coverage ratio  improved from 74.1% as on September 30, 2021 to 74.4% as on December 31, 2021, it said.

Total deposits increased by 18.7% to Rs 84,499.8 crore as on December 31, 2021 as compared to Rs 71,188.3 crore as on December 31, 2020.

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "We have seen all round recovery during the quarter with improved collection and increase in disbursement. Q4 historically has been the best quarter for the Bank and we are positive of our business going forward. With Group loan share in total advances reduced to 52%, Bank is on track to achieve the diversification strategy which it had laid down for FY25."

On Friday, the lender's scrip on BSE closed trading 1.5% lower at Rs 295.05. 

Provisions other than tax and contingencies declined to Rs 805.71 crore as compared to Rs 1,077.83 crore earlier.

Net Interest Margin also slipped to 7.8% during the quarter from 8.3% in the same period of the previous fiscal.

The provision held against advances restructured under Covid restructuring guidelines amounts to Rs 1.35 trillion, which is 19.08% of the restructured advances outstanding as at December 31, 2021 (Rs 1.55 trillion as at September 30, 2021), the bank said in a stock exchange filing.

Topics :Bandhan BankQ3 results

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