Bandhan Bank Q2 profit jumps over 3-fold to ₹721 cr
Bandhan Bank's gross NPAs increase to 7.32% in Q2 FY24
Bandhan Bank on Wednesday reported over three- fold jump in net profit at ₹721 crore for the second quarter ended September 30, 2023.
The Kolkata-headquartered private sector lender had posted a profit of ₹209.30 crore for the same quarter a year ago.
Total income during July-September this fiscal rose to ₹5,032 crore as against ₹4,250 crore in the same period of 2022-23, Bandhan Bank said in a regulatory filing.
Net interest income grew to ₹2,443 crore in Q2 FY24 from ₹2,193 crore in Q2 FY23.
On the asset quality front, the lender reported deterioration as gross non-performing assets (NPAs or bad loans) rose to 7.32 per cent of gross advances at end-September 2023 from 7.19 per cent by the end of second quarter of 2022-23.
Likewise, net NPAs or bad loans also increased to 2.32 per cent, from 1.86 per cent.
However, provision (other than tax) & contingencies declined to ₹636 crore from ₹1,280 crore in the same quarter a year ago.
Net interest margin of the bank improved to 7.2 per cent in Q2 FY24 from 7 per cent in Q2 FY23.
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