Bandhan Bank Q1 net profit rises 45 per cent at Rs 701 cr

Private lender Bandhan Bank Friday reported a 45.44 per cent increase in its net profit at Rs 701 crore during the first quarter of 2019-20 as compared to Rs 482 crore in the same period of previous fiscal.

Total advances of the bank during the quarter touched Rs 45,420 crore as against Rs 32,590 crore in the previous similar period.

MD and CEO of Bandhan Bank C S Ghosh said that micro- credit comprised of 86 per cent of the total advances.

Total deposits of the bank during the quarter touched Rs 43,701 crore, reflecting an increase of 42.33 per cent over the previous similar period.

Ghosh said that CASA deposits of the bank marginally increased at 36.06 per cent of total deposits from 35.46 per cent in the corresponding period of last fiscal.

He said "the year 2019-20 started on a promising note with asset growth of 39.36 per cent along with stable asset quality. During the year, we expect the Gruh merger to get consummated which will aid further growth".

During the quarter, NIM (net interest margin) of the Kolkata-headquartered bank stood at 10.45 per cent which increased from 10.27 per cent in the corresponding quarter of previous year, Ghosh told reporters here.

The network of Bandhan Bank comprised 999 branches and 3014 doorstep service centres and 481 ATMs.