Bandhan Bank reported a 67.7 percent jump in its fourth quarter (Q4) FY19 net profit at Rs 651 crore, against Rs 388 crore in the same period last year.
The gross non-performing assets (NPA) of the bank stood at 2.04 per cent in the last quarter, against 1.25 per cent in the same quarter a year ago. Net NPA remained at the same level of 0.58 per cent in Q4 of FY19 and Q4 of FY18.
Net interest income (NII) of the bank rose 45.6 percent to Rs 1,258 crore against Rs 864 crore in the same period last year.
Deposits increased 27.64 per cent to Rs 43,232 crore as on March 31st 2019 against Rs 33689 crore as on March 31st 2019.
During the year, the share of non-micro loans to total advances stood at 13.80 per cent. The total number of banking outlets as on 31st March 2019 stood at 4,000, including 986 branches.
In January, Bandhan Bank had announced the merger of Gruh Finance with itself, which reduced the promoters’ stake to about 61 per cent, from the earlier 82.3 per cent. The RBI stipulates promoter stake in the new private banks is not to exceed 40 per cent.
In September 2018, the central bank had halted any rise in Bandhan Bank CEO Chandra Shekhar Ghosh’s salary and also withdrew the bank’s right to open new branches on its own. This was a penalty for not having cut the stake, despite having got three years from the date it began operations to do so. The deadline ended on August 23. However, the bank could open branches by taking permission from RBI. The bank has since got RBI permission to open about 25 more branches.