Bandhan Bank's net profit tumbled 93.24% to Rs 54.62 crore in Q4 FY24 as compared to Rs 808.29 crore recorded in Q4 FY23
However total income grew by 20.13% to Rs 5,883.46 crore in the fourth quarter of FY24 from Rs 4,897.39 crore posted in Q4 FY23.Net interest income (NII) grew by 16% year on year (YoY) to Rs 2,866 crore in Q4 FY24. Net interest margin (NIM) improved to 7.6% in Q4 FY24 as compared to 7.2% reported in Q3 FY24.
Operating profit rose 2.33% to Rs 1,838 crore in Q4 FY24 as against Rs 1,796 crore posted in Q4 FY23. Provision (other than taxes) & Contingencies aggregated to Rs 1,774.33 crore, registering growth of 141.48% YoY.
The cost-to-income ratio for the quarter was 48%, however adjusting for the impact of one-offs, cost to income ratio stands at 45%.
During Q4 FY24, total deposits stood at Rs 1.35 lakh crore, growing by 25% YoY. CASA deposits stood at Rs 50,151 crore and CASA Ratio stood at 37.1%.
On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 4,784.88 crore as on 31 March 2024 as against Rs 5,298.62 crore as on 31 March 2023.
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The ratio of gross NPAs to gross advances was at 3.84% as on 31 March 2024 as compared to 4.87% as on 31 March 2023.
The ratio of net NPA to net advances stood at 1.11% as on 31 March 2024 as agaisnt 1.17% as on 31 March 2023.
During the quarter, as a prudent measure and in accordance with its policy, the Bank has technically written off loans amounting to Rs 3,852 crore.
As of March 31, 2024, the Banks capital adequacy ratio stood at 18.3% as against a regulatory requirement of 11%.
On full year basis, the company's net profit rose 1.59% to Rs 2,229.56 crore on 14.48% jump in revenue from operations to Rs 21,034.27 crore in FY24 over FY23.
Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank, said, The last quarter of the year is a testament to the momentum in business that we have gained. We have shown stability and growth across major parameters. The Bank also strengthened its core leadership in the quarter. Bandhan Bank has been built on the unwavering commitment of its employees and its success has been because of the trust of its customers. These cornerstones along with the focus on tech, people and processes will drive the growth trajectory of Bandhan Bank 2.0."
Meanwhile, the companys board has recommended a dividend of Rs 1.50 per share for the year ended 31 March 2024, This would be subject to requisite approvals. The record/book closure dates will be announced in due course.
Bandhan Bank operates as a commercial bank. The Banks distribution network spans 6,300 outlets The Bank added 10 lakh customers, during the quarter and current customers stand at 3.36 crore customers. The Bank currently has nearly 76,000 employees
The scrip rose 0.96% to Rs 216.25 on the BSE.
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