Net profit declines 19% to Rs 721 crore

Bandhan Bank on Friday reported an 18.7 per cent fall in net profit at Rs 721 crore in the June quarter due to a decline in net interest income.

The Kolkata-based private sector lender had posted a net profit of Rs 887 crore in the year-ago period.

Total income during the quarter under review increased to Rs 4,908 crore from Rs 4,385 crore in FY2023, Bandhan Bank said in a regulatory filing.

Interest earned by the bank grew to Rs 4,523 crore over Rs 4,055 crore in the June quarter a year ago.

Net Interest Income of the bank declined to Rs 2,491 crore in Q1 FY24 as compared to Rs 2,514 crore in the same quarter a year ago.

The bank’s asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 6.76 per cent of gross advances by the end of June 2023, from 7.25 per cent as of June 2022.

However, net NPAs or bad loans rose to 2.18 per cent as against 1.92 per cent a year ago.

Capital Adequacy Ratio of the bank improved to 19.75 per cent from 19.44 per cent in the same quarter of FY23.

First Published: Jul 14 2023 | 4:31 PM IST

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