Bandhan Bank Q3 net profit surges over two-fold to Rs 731 cr; gross NPAs decline to 1.93%

Bandhan Bank on Tuesday reported over two-fold jump in net profit to Rs 731.03 crore for the third quarter ended 31 December, 2019

Press Trust of India January 14, 2020 15:44:41 IST
Bandhan Bank Q3 net profit surges over two-fold to Rs 731 cr; gross NPAs decline to 1.93%
  • The private sector lender had logged a profit of Rs 331.25 crore in October-December, 2018-19

  • Total income increased to Rs 3,075.31 crore in the quarter under review as against Rs 1,883.65 crore in the year-ago period

  • Gross non-performing assets (NPAs) declined to 1.93 percent of the total advances during the quarter, against 2.41 percent at the end of the third quarter of the previous fiscal

New Delhi: Bandhan Bank on Tuesday reported over two-fold jump in net profit to Rs 731.03 crore for the third quarter ended 31 December, 2019.

The private sector lender had logged a profit of Rs 331.25 crore in October-December, 2018-19.

Total income increased to Rs 3,075.31 crore in the quarter under review as against Rs 1,883.65 crore in the year-ago period, Bandhan Bank said in a statement.

Gross non-performing assets (NPAs) declined to 1.93 percent of the total advances during the quarter, against 2.41 percent at the end of the third quarter of the previous fiscal.

However, net NPAs of the bank rose slightly to 0.81 percent in the quarter from 0.70 percent of the net advances.

During the quarter, the bank made an additional provision of Rs 200 crore on standard advances in microfinance portfolio after evaluating the risk observed in certain areas of a northeastern state, though having a dwindling effect.

The Net Interest Income grew 37.10 percent to Rs 1,541 crore as against Rs 1,124 crore in the corresponding quarter of the previous year.

"The merger of erstwhile Gruh Finance with Bandhan Bank had been approved by the RBI, Competition Commission of India, stock exchanges, respective shareholders and creditors of each entities as applicable and the National Company Law Tribunals (NCLT) Bench at Kolkata and Ahmedabad, with appointed date as 1 January, 2019 and effective date as 17 October, 2019," it said.

Accordingly, the scheme had been given effect to in the financial results for December quarter, it said, adding, the figures for the quarter are not comparable with the corresponding figures of the previous year/periods in view of the amalgamation.

The Committee of Directors of the bank at its meeting held on October 21, 2019 has approved the allotment of 41,69,48,659 equity shares of face value of Rs 10 each, fully paid up, to the eligible equity shareholders of erstwhile Gruh Finance based on record date of 17 October, 2019.

Updated Date:

also read

US Fed hikes interest rate: Why it is trying to tame inflation and impact on India's economy
India

US Fed hikes interest rate: Why it is trying to tame inflation and impact on India's economy

The Federal Reserve interest hike of 75 bps could trigger a churn in equity markets, cool off investor enthusiasm and further weaken the Indian currency against the Greenback

IDBI Recruitment 2022: Applications for post of Executive, Assistant Manager end today, check details 
Education

IDBI Recruitment 2022: Applications for post of Executive, Assistant Manager end today, check details 

The applicant should be a graduate in any discipline from a government recognised university or have an equivalent qualification recognized by the Central government. Candidates with a Diploma course will not be eligible for the posts.

Indians' funds in Swiss banks jump to 14-year high of over Rs 30,500 crore
Business

Indians' funds in Swiss banks jump to 14-year high of over Rs 30,500 crore

The money held in Indian customers' savings or deposit accounts rose to a seven-year high of about Rs 4,800 crore, reversing a two-year declining trend