Bandhan Bank net profit up 47.5% in Q1

Bandhan Bank on Wednesday reported a 47.5 per cent increase in net profit to Rs 481.71 crore in the quarter ended on June 30 as compared to Rs 327 crore in the corresponding period last year.

It said its net interest income for the quarter grew by 39.5 per cent at Rs 1,037 crore as against Rs 743 crore in the year-ago period.

The Kolkata-headquartered bank also said its total advances increased by 52.37 per cent to Rs 32,590 crore at the end of first quarter of the current fiscal, as against Rs 21,389 crore in the corresponding period last year.

Its total deposit was at Rs 30,703 crore as on June 30, up by 36.83 per cent.

"The start of the financial year has been promising with advances growing 52 per cent overcoming the seasonality that we normally witness during the first quarter," the lender's Managing Director and CEO Chandra Shekhar Ghosh told reporters here.

Its gross non performing assets (NPA) stood at 1.26 per cent while net NPA was at 0.64 per cent at the end of the quarter.

During the quarter, its share of non-micro loans to total advances increased to 14 per cent from 9 per cent in the corresponding period last year.

Ghosh said the lender added 6.35 lakh customers during the quarter with the total customer base reaching 13.65 million.

The bank, which has 937 branches across 34 states and union territories, is also looking to expand its network to 1000 in the current fiscal, he said, adding that the lender would focus on the micro credit and MSME segment.

The bank's capital adequacy ratio stood at 32.61 per cent at the end of the first quarter.

Asked about dilution of promoter holding, he said the bank has been engaged in communication with the Reserve Bank of India on this.

According to the new banking license guidelines, the promoter holding of the bank is required to come down to 40 per cent in three years from the date of commencement of business.

--IANS

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