Bandhan Bank Q4 profit rises over 20% at Rs 338 crore | business news | Hindustan Times
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Bandhan Bank Q4 profit rises over 20% at Rs 338 crore

The Bandhan Bank board at their meeting held on Friday recommended a dividend of Re 1 per equity share out of the net profits for the year ended March 31, 2018, subject to approval of the shareholders.

business Updated: Apr 27, 2018 14:14 IST
During the year ended March 31, 2018, the bank successfully raised capital of Rs 3,662 crore through initial public offer by issuing 97,663,910 equity shares, Bandhan Bank said.
During the year ended March 31, 2018, the bank successfully raised capital of Rs 3,662 crore through initial public offer by issuing 97,663,910 equity shares, Bandhan Bank said.(Reuters File Photo)

Private lender Bandhan Bank on Friday reported a 20.3% rise in net profit at Rs 388 crore for the last quarter of the 2017-18 fiscal. The growth came on the back of healthy interest as well as non-interest income.

The bank had registered a net profit of Rs 322 crore in the January-March quarter of 2016-17 fiscal.

The net interest income (NII) for the quarter ending March grew by 25.2% to Rs 863 crore, as against Rs 689 crore in the same quarter a year earlier. Non-interest income jumped by 57.4% to Rs 203 crore as against Rs 129 crore, the bank said in a regulatory filing.

Total income in the January-March period of 2017-18 increased to Rs 1,553.97 crore, up by 29% from Rs 1,207.77 crore in same quarter of 2016-17.

For the entire 2017-18 fiscal, the net profit grew by 21% to Rs 1,346 crore, against Rs 1,112 crore in 2016-17.

Interest income stood at Rs 3,032 crore for the year, up 26.1%. Non-interest income shot up by 71.8% to Rs 706 crore.

Total income during the fiscal rose to Rs 5,508.48 crore, as against Rs 4,320.12 crore in preceding fiscal.

On the asset front, there was an uptick in bad loans with gross non-performing assets (NPAs) rising to 1.25% of the gross advances as on March 31, 2018 as against 0.51% by same time year earlier. In absolute terms, gross NPAs were Rs 373.14 crore, compared with Rs 86.26 crore.

Net NPAs increased to 0.58% (Rs 172.90 crore) of the net advances by end of March 2018, versus 0.36% (Rs 61.17 crore).

The Board of Directors at their meeting held on Friday recommended a dividend of Re 1 per equity share out of the net profits for the year ended March 31, 2018, subject to approval of the shareholders, the bank said.

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEOof Bandhan Bank said: “The year 2017-18 has been a watershed year for the bank. We had successful initial public offering (lPO) which was subscribed 14.6 times. We will continue to strive to maintain the quality of assets, growth in assets and profitability.”

During the year ended March 31, 2018, the bank successfully raised capital of Rs 3,662 crore through initial public offer by issuing 97,663,910 equity shares, Bandhan Bank said.

Shares of the bank traded 2.29% higher at Rs 506.35 on the NSE.