Bandhan Bank Q3 net climbs 10% YoY to Rs 331 crore; stock surges over 4%

Private sector lender Bandhan Bank on Thursday reported a 10.3 per cent rise in its net profit at Rs 331 crore for third quarter (October-December) of FY18-19. The company had logged PAT of Rs 300 crore in the corresponding quarter of the previous year. 

Operating profit for the quarter increased by 56.8 per cent at Rs 900 crore against 1,574 crore in the corresponding quarter of the previous year, the company said in its press release. 

"Our core business of Microbanking and Deposits - particularly retail including CASA has continued its strong performance in Q3FY19. With the announcement of the merger with the Gruh Finance, we are excited and confident to accelerate this growth in affordable housing segment," said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank. 

Net interest income (Nll) for the quarter grew by 53.5 per cent at Rs 1,124 crore as against Rs 732 crore in the corresponding quarter of the previous year. Net interest margin (NlM) for the quarter under review stood at 70.3 per cent against 9.9 per cent in the corresponding quarter of the previous year and 9.7 per cent for FY2017-18. 

Gross NPAs as on 31 December 2018 were at 2.4 per cent against 1.3 per cent as on 30 september 2018 and 11 per cent as on 31 December, 2017 whereas net NPAs as on 3l  December 2018 stood at 0.7 per cent against O.7 per cent as on 30 September 2018 and 0.8 per cent as on 31 December, 2017. 

At 02:30 pm, the stock was trading 4.43 per cent higher at Rs 474.50 apiece on BSE.