Bandhan Bank on Friday reported 47% growth in its consolidated net profit at Rs 1,063 crore in the first quarter, compared with Rs 721 crore in the last year period.
The lender’s net interest income (NII) for the reporting quarter rose 21% year-on-year to Rs 3,005 crore as against Rs 2,491 crore in the same quarter of previous year.
Read More: Gold Hits 3-Week Low, Silver At 11-Week Low: Check 22, 24 Carat Rates In Your City on July 26
Operating profit jumped 24% year-on-year to Rs 1,941 crore in Q1FY25, compared with Rs 1,562 crore in the corresponding quarter of last year.
The provisions (other than tax) and contingencies charged for the June quarter reduced to Rs 523 crore from Rs 602 crore in year-ago quarter.
On the asset quality front, the bank’s gross non-performing assets (NPA) improved year-on-year to 4.2% in Q1FY25 compared to 6.8% in Q1FY24. Meanwhile, net NPAs too declined to 1.1% in Q1FY25 vs 2.2% a year ago.
Read More: General insurers report lower growth in premium underwritten in first quarter
Provision coverage ratio at the end of June quarter stood at 73.7% as against 71.8% in the previous quarter.
As of June 2024, total deposits stood at Rs 1.33 lakh crore as against Rs 1.08 lakh crore in the previous year, showing a growth of 23% year-on-year and a decline of 1.5% quarter-on-quarter.
Meanwhile, gross advances were at Rs 1.26 lakh crore as against Rs 1.03 lakh crore in the previous year, up about 22% year-on-year and 0.7% quarter-on-quarter.
Read More: Paytm Gets FDI Approval for Payment Aggregator Business; Shares Surge 10%
The Bank’s capital adequacy ratio including profits stood at 15.7% at the end of June quarter as against a regulatory requirement of 11.5%.
“During the first quarter of the year, the bank has achieved remarkable growth across key metrics. Our robust performance reflects our team’s resilience and strategic agility amid challenging market conditions,” said Ratan Kumar Kesh, MD & CEO, Bandhan Bank.
