Bandhan Bank sinks 11% in 2 days on disappointing December quarter results

Bandhan Bank reported a sharp deterioration in asset quality trends with pro-forma gross non-performing assets (GNPA) ratio increasing to 7.1 per cent

Shares of Bandhan Bank tanked 6 per cent to Rs 321 on the BSE on Friday, down 11 per cent in the past two trading days, after the lender reported a weak set of numbers for the December quarter (Q3FY21). The private sector lender's net profit fell 13.5 per cent year-on-year (YoY) to Rs 633 crore as the bank took accelerated additional provision on standard assets amounting to Rs 1,000 crore on account of Covid-19.

However, operating performance remains strong, led by higher net interest income (NII) as margin improved 30 basis points (bps) sequentially, while assets under management (AUMs)