Bandhan Bank Q4 net profit at Rs 517 cr; gross non-performing assets fall to 1.48%

New Delhi: Bandhan Bank on Tuesday said its net profit for March quarter, 2019-20 stood at Rs 517.28 crore.

The Kolkata-headquartered lender said it has made special provisions related to COVID-19, during the quarter.

The bank registered a net profit of Rs 650.87 crore during January-March, 2018-19.

In view of the amalgamation with GRUH Finance, the figures for the latest quarter/fiscal are not comparable with the year-ago periods, Bandhan Bank said in a regulatory filing.

Total income in March quarter was Rs 3,346.47 crore. It was Rs 2,220.32 crore in the year-ago period, it said.

The bank made provisions for bad loans and contingencies to the tune of Rs 827.36 crore during the quarter under review, substantially higher from Rs 153.28 crore in the year-ago same period.

Gross non-performing assets (NPAs) fell to 1.48 percent of the gross advances as on 31 March, 2020 from 2.04 percent by the same period of 2019.

In value terms, gross NPAs or bad loans stood at Rs 992.77 crore at the end of March 2020 as against Rs 819.55 crore by the same period of 2018-19.

Representational image. Reuters.

Net NPAs remained static at 0.58 percent of the net advances. However, in absolute numbers, it stood at Rs 389.39 crore at the end of 2019-20, higher than Rs 228.32 crore by the end of the preceding fiscal.

For the entire 2019-20, the net profit of the bank stood at Rs 3,023.74 crore. It was Rs 1,951.50 crore in 2018-19.

Income was at Rs 12,434.69 crore during the year. It was Rs 7,706.42 crore in the preceding fiscal.

“Q4FY20 has been a satisfying quarter given the challenges faced during the quarter. During the quarter, the Bank has showcased the strengths of its deposit franchise with continuously growing deposits in all the segments," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said.

The bank has made additional COVID-19 related provision on standard advances amounting to Rs 690 crore, he said.

"We have taken all the necessary steps to ensure the safety of our customers and employees. We further endeavour to work with our employees and customers ensuring to be at the service in this critical time,” Ghosh said.

"In view of the amalgamation(with GRUH Finance), the figures for the current quarter/year are not strictly comparable with the corresponding figures of the previous quarter/year," Bandhan Bank said.

The Committee of Directors of the Bank at its meeting held on 21 October, 2019 had approved allotment of 41,69,48,659 equity shares to the eligible equity shareholders of erstwhile GRUH Finance.

Bandhan Bank stock closed 2.36 percent down at Rs 233.95 on the BSE.