Bandhan Bank surges 6% on healthy Q1 results; stock hits new high

Bandhan Bank was up 6% at Rs 596, trading at its highest level since listing on March 27, 2018.

Shares of Bandhan Bank surged 6% to Rs 596 on the BSE after the bank reported a strong 47.5% year on year (yoy) growth in net profit at Rs 4.82 billion in June quarter (Q1FY19), on back of strong operational income. The private sector lender had a profit of Rs 3.27 billion in year ago quarter.

The stock was trading at its highest level since listing on March 27, 2018. It gained 59% over the issue price of Rs 375.

Net Interest Income (NII) for the quarter grew by 39.5% at Rs 10.37 billion as against Rs 7.43