Bandhan Bank Q2 Results: Profit rises 30% to Rs 937 crore on improvement in asset quality, higher earnings
Bandhan Bank has reported a 30% rise in net profit for the second quarter at Rs 937 crore against Rs 721 crore in the year ago period, on account of year-on-year improvement in asset quality and higher earnings.
The loan-loss provision was at Rs 606 crore compared with Rs 636 crore in the corresponding period last year. Operating profit was Rs 1,855 crore, up 17% year-on-year, backed by 21% higher net interest income at Rs 2948 crore.
The bank's sequential numbers however came poorer with net profit and operating profit falling from Rs 1064 crore and Rs 1941 crore respectively in the first quarter.
Net interest margin for the quarter under review was 7.4% as compared with 7.6% for the preceding quarter and 7.2% in the year ago period.
Interim managing director Ratan Kumar Kesh attributed the lower sequential numbers to the bank's decision to go slow on microfinance lending which constituted 45% of the total portfolio.
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