Bandhan Bank's profit up 68 pc at Rs 651 crore in Q4 FY19

Kolkata-based Bandhan Bank on Thursday reported 68 per cent increase in its March quarter net profit to Rs 651 crore due to higher net interest and non-interest income.

It had reported a net profit of Rs 388 crore in the year-on period.

Net interest income in Q4 of FY19 was up 46 per cent to Rs 1,258 crore as against Rs 864 crore last year. Non-interest income was at Rs 388 crore, up 91 per cent from Rs 203 crore a year ago.

Deposits rose 28 per cent to Rs 43,232 crore while advances increased 38 per cent to Rs 44,776 crore. Provisions and contingencies surged 41 per cent to nearly Rs 200 crore in the quarter from Rs 113 crore a year ago.

As a percentage of total loans, gross non-performing assets (NPAs) stood at 2.04 per cent as compared to 1.25 per cent in the same quarter a year ago. Net NPAs were static at 0.58 per cent.

"The year 2018-19 has been a challenging year for the banking industry," said Chandra Shekhar Ghosh, Managing director and Chief Executive Officer of Bandhan Bank.

"We closed the financial year on a positive note with visibility of growth and improvement in asset quality and liability profile," said Ghosh.

The Board has recommended 30 per cent dividend of Rs 3 per equity share having face value of Rs 10 each.