Bandhan Bank Q1 profit slumps 32.1% to Rs 373.1 cr; income up 16.7%

Bandhan Bank announced on Friday that it had recorded a net profit of Rs 373.1 crore in the April-June quarter of the current fiscal. The lender's net profit during Q1 of FY22 was down 32.1% from Rs 549.8 crore in the April-June quarter of the previous financial year.

The bank's total income was up 16.7% to Rs 2,114.1 crore in the June-end quarter of FY22 against Rs 1,811.5 crore during the same quarter of last fiscal. Provisions (other than taxes) grew to Rs 1,374.9 crore during Q1 of FY22, compared to Rs 849.1 crore in the corresponding quarter last fiscal.

Bandhan Bank registered a record operating profit of Rs 1,871 crore during Q1 of FY22 against Rs 1,584.2 crore in the April-June period of FY21.

Bandhan Bank's non-interest income grew by 37.7% to Rs 533.4 crore for the quarter ended June 30, 2021, against Rs 386.8 crore in the corresponding quarter of the previous year.

Net interest margin (annualised) for the quarter ended June 30, 2021, stood at 8.5% against 8.2% on June 30, 2020.

The lender's total deposits jumped 27.6% to Rs 77,335.5 crore during Q1 of FY22 compared to Rs 60,610.0 crore as of June 30, 2020. The bank's net NPAs in the April-June quarter stood at Rs 2,457.9 crore (3.3%) against Rs 2,861.0 crore (3.5%) as on March 31, 2021.

"In spite of challenging environment due to Covid second wave, we have delivered the best ever quarter in terms of operational performances. Collections continues to improve with covid restrictions getting relaxed," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said.

"Typically, second half of the financial year is always better for the bank in terms of growth and collections. With easing of covid second wave and upcoming festive season, we are confident of achieving better performance going forward," he added.

Also Read: Bandhan Bank share slips 4% as loan book, deposits fall in Q1

Also Read: Bandhan Bank's loan book, deposits plunge in June quarter