Bandhan Bank’s Q1 net profit up by 47.5%

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Bandhan Bank’s success story continues to grow, as the lender registered a 47.5 per cent increase in its net profit for the quarter ending June 2018. The bank’s net profit for the period was Rs.481.71 crore, compared to Rs.326.56 crore in Q1 of last year.

Bandha- Bank
Bandhan Bank’s Q1 net profit increased by 47.5%

The net interest income (NII) during the period increased by 39.50 per cent to Rs.1,037.17 crore. NII for Q1 last year was Rs.743.29 crore.

Income from other sources also increased from Rs.121.96 crore to Rs.210.69 crore, a jump of 72.75 per cent.

Gross NPAs of the bank stood at Rs.388.34 crore, up from Rs.175.19 crore in Q1 of the previous fiscal. With regards to a percentage value, gross NPAs accounted for 1.26 per cent of all loans.

With regards to its net interest margin, Bandhan Bank saw a slight dip during the quarter, with this value being 10.27 per cent as against 10.75 per cent in Q1 of last year.

The bank also saw an increase in both its advances as well deposits during the period, with the advances growing by 52 per cent and deposits by 37 per cent. The advances and deposits during the period stood at Rs.32,590 crore and Rs.30,793 crore respectively.

Shares of the bank soared following the report, trading at a high of Rs.629.80 as of 11:20 a.m. on July 19 2018.

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Sources: LiveMint, MoneyControl

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