Bandhan Bank Q1 FY20 net profit jumps 45 pc at Rs 701 crore

Bandhan Bank has reported a net profit of Rs 701 crore during April to June, up 45 per cent from Rs 482 crore in the corresponding quarter of the previous year.

The operating profit increased by 47 per cent to Rs 1,208 crore versus Rs 821 crore while net interest income grew by 36 per cent to Rs 1,411 crore as against Rs 1,037 crore in Q1 if FY19.

Non-interest income grew by 48 per cent to Rs 312 crore for the quarter ended June 30 against Rs 211 crore in the corresponding quarter of the previous year. Total deposits increased by 42 per cent from Rs 30,703 crore to Rs 43,701 crore.

While gross NPAs as on June 30 stood at 2.02 per cent against 2.04 per cent as on March 31, the net NPAs were at 0.56 per cent against 0.58 per cent.

The net interest margin stood at 10.45 per cent against 10.27 per cent in the corresponding quarter of the previous year, the current account and savings account (CASA) ratio was at 36.06 per cent of total deposits as compared to 35.46 per cent in Q1 FY19.

Total advances on and off books grew by 39 per cent to Rs 45,420 crore as on June 30 against Rs 32,590 crore in June last year.

"The year 2019-20 has started on a promising note with asset growth at 39.36 per cent along with stable asset quality," said Managing Director and CEO Chandra Shekhar Ghosh.

"During the year, we expect the Gruh merger to get consummated which will bring diversification and will add to growth," he said in a statement.

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