 "Bandhan Bank surges 6% on healthy Q1 results; stock hits new high")
Shares of Bandhan Bank surged 6% to Rs 596 on the BSE after the bank reported a strong 47.5% year on year (yoy) growth in net profit at Rs 4.82 billion in June quarter (Q1FY19), on back of strong operational income. The private sector lender had a profit of Rs 3.27 billion in year ago quarter.
The stock was trading at its highest level since listing on March 27, 2018. It gained 59% over the issue price of Rs 375.
Net Interest Income (NII) for the quarter grew by 39.5% at Rs 10.37 billion as against Rs 7.43 billion in the corresponding quarter of the previous year. Net Interest Margin (NIM) during the quarter under review stands at 10.27% against 10.75% in year ago quarter and 9.69% for FY2017-18.
Assets quality remained stable sequentially with gross non-performing assets (NPA) ratio in Q1FY19 stood at 1.26% against 1.25% as on March 2018. Net NPA stood at 0.64% against 0.58% in the previous quarter.
Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "The start of FY2018-19 has been promising with advances growing Y-o-Y by 52%, overcoming the seasonality, which we normally witness during the first quarter. We will strive to maintain the growth and quality of assets during this financial year".
At 02:02 pm; Bandhan Bank was trading 5% higher at Rs 590, as compared to 0.32% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled 3.64 million shares changed hands on the BSE and NSE so far.
The stock was trading at its highest level since listing on March 27, 2018. It gained 59% over the issue price of Rs 375.
Net Interest Income (NII) for the quarter grew by 39.5% at Rs 10.37 billion as against Rs 7.43 billion in the corresponding quarter of the previous year. Net Interest Margin (NIM) during the quarter under review stands at 10.27% against 10.75% in year ago quarter and 9.69% for FY2017-18.
Assets quality remained stable sequentially with gross non-performing assets (NPA) ratio in Q1FY19 stood at 1.26% against 1.25% as on March 2018. Net NPA stood at 0.64% against 0.58% in the previous quarter.
Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "The start of FY2018-19 has been promising with advances growing Y-o-Y by 52%, overcoming the seasonality, which we normally witness during the first quarter. We will strive to maintain the growth and quality of assets during this financial year".
At 02:02 pm; Bandhan Bank was trading 5% higher at Rs 590, as compared to 0.32% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled 3.64 million shares changed hands on the BSE and NSE so far.
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