Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore
The fall in profit was steeper than expected as most analysts saw the decline to be around 14%. For instance, Axis Securities expected the net profit figure to be around Rs 758 crore.
The bank's net interest income came in at Rs 2,491 crore in the first quarter, marginally down, compared with Rs 2,514 crore in the same quarter last year. There was a partial improvement on the asset quality front, with gross non-performing assets (NPAs) falling to 6.76%, against 7.25% in the year-ago period.
Net NPAs, however, rose to 2.18% at the end of the June quarter, compared with 1.92% a year earlier. Provisions for loans fell 6% YoY to Rs 602 crore for the first quarter under review.
“The bank has made significant progress in diversifying its asset book. Our investment in people, technology, IT, and expansion over the last few quarters will surely improve the performance," said Chandra Shekhar Ghosh, Managing Director and CEO.
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