Homeearnings Newsbandhan bank sees multi fold jump in net profit backed by robust operating performance lower credit costs 13475082.htm

    Bandhan Bank sees multi-fold jump in net profit backed by robust operating performance, lower credit costs

    earnings | IST

    Bandhan Bank sees multi-fold jump in net profit backed by robust operating performance, lower credit costs

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    "Bank has seen best ever quarterly performance during the quarter backed by robust all-round operating performance and lower credit costs. Given the strong recovery and stable operating environment we are confident of further improving our performances during next fiscal as well," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said

    Private sector Bandhan Bank on Friday reported a multi-fold jump in its net profit at Rs 1,902.30 crore in the quarter ended March 2022. The bank had posted a net profit of Rs 103 crore in the year-ago quarter.
    CNBC-TV18 Polls had predicted a profit of Rs 1,012.8 crore for the quarter under review.
    Total income of the bank in Q4FY22 rose by 43 percent to Rs 3,504.2 crore, as against Rs 2,457.4 crore in the same period of FY21, Bandhan Bank said in a regulatory filing. Net interest income during the quarter rose by 45 percent to Rs 2,539.8 crore, while non-interest income grew by 38 percent to Rs 964.4 crore, the bank said.
    On asset quality, there was a slight improvement with the gross non-performing assets (NPAs) falling to 6.46 percent of the gross advances as of March 31, 2022, from 6.81 percent by March 2021. Net NPAs or bad loans reduced significantly to 1.66 percent, from 3.51 percent.
    Provisions (other than tax) for the quarter were trimmed massively to Rs 4.7 crore, as against Rs 1,507.70 crore in March 2021 quarter, the bank said.
    "Bank has seen best ever quarterly performance during the quarter backed by robust all-round operating performance and lower credit costs. Given the strong recovery and stable operating environment we are confident of further improving our performances during next fiscal as well," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said.
    Banking outlets as on March 31, 2022, stood at 5,639. The total number of ATMs stood at 471 as on March 31, 2022 against 487 as on March 31, 2021. During the quarter, the number of employees of the bank increased from 55,341 to 60,211, said the lender.
    The stock of Bandhan Bank traded at Rs 322.50 apiece on BSE, up by 6.02 percent from previous close.
    With inputs from PTI
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