Bandhan Bank Q2 Results: Profit more than triples to Rs 721 crore

economictimes.indiatimes.com:

Bandhan Bank on Wednesday said its net profit more than tripled for the quarter ended September 2023 to Rs 721 crore. The net profit rose by a massive 245%, compared with Rs 209 crore in the last-year period.

Net interest income (NII) of the lender grew 11% year-on-year (YoY) to Rs 2,443 crore in the second quarter from Rs 2,193 crore in the same quarter of last year.

Operating profit for the quarter rose 2% to Rs 1,583 crore as against Rs 1,553 crore in the same period last year.

The net interest margins stood at 7.2% in the reporting period, better than 7% in year-ago period.

Non-interest income for the quarter jumped 13% year-on-year to Rs 540 crore.

The lender's loan portfolio stood at Rs 1.08 lakh crore, growing by 12% year-on-year. The retail loan books other than housing finance book jumped 80% YoY.

Commercial banking book for the second quarter grew by 65% YoY and housing finance book rose 4% YoY.

The gross non-performing assets (GNPA) remained steady at 7.3% as on September 30, 2023, against 7.2% as on September 30, 2022.

Collection efficiency for the bank improved to 98% in Sept quarter from 97% a year ago.

The provision coverage ratio of the lender stood at 70% at the end of September quarter, up from 69.2% in the preceding June quarter

“The performance in this quarter is encouraging for the bank. We have successfully completed a significant IT transformation project which will not only boost customer experience but also our capabilities, resulting in further growth," said Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank
The bank has added nearly 10 lakh customers in the current quarter and the total number of customers stands at 3.17 crore.