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Bandhan Bank Q3: Net profit up 35.7% on-year; NII up 2.6% to Rs 2,124.7 cr

Bandhan Bank Q3: Net profit up 35.7% on-year; NII up 2.6% to Rs 2,124.7 cr

Operating Profit for the quarter increased 1.4 per cent to Rs 1,950.1 crore as opposed to Rs 1,923.1 crore in the corresponding quarter of the previous year. 

Bandhan Bank announced its third quarter results on Friday. It said that its net profit grew 35.7 per cent year-on-year in Q3 FY22 to Rs 859.0 crore from Rs 632.6 crore in Q3 FY21. Its net interest income (NII) grew by 2.6 per cent to Rs 2,124.7 crore as against Rs 2,071.7 crore in the corresponding quarter of the previous year. It added that non-interest income grew by 26.7 per cent to Rs 712.3 crore for the quarter ended December, as against Rs 562.3 crore in the same period previous year.

Operating Profit for the quarter increased 1.4 per cent to Rs 1,950.1 crore as opposed to Rs 1,923.1 crore in the corresponding quarter of the previous year. Net interest margin (annualised) was at 7.8 per cent on December 31, 2021, as against 7.6 per cent in September 30, 2021

Bandhan Bank’s total deposits also increased by 18.7 per cent to Rs 84,499.8 crore as on December 31, 2021, as against Rs 71,188.3 crore as on December 31, 2020. Total advances grew by 9.6 per cent to Rs 87,997.7 crore in the quarter under review, against Rs 80,255.2 crore in the previous year. 

Gross NPAs on December 31, 2021 were at Rs 9,441.6 crore (10.81 per cent) as against Rs 8,763.6 crore (10.82 per cent) on September 30, 2021. Net NPAs, on the other hand, stood at Rs 2,413.1 crore (3.01 per cent) on December 30, as opposed to Rs 2,265.8 crore (3.04 per cent) as on September 30, 2021. 

Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said that the lender has seen an all-round recovery during the quarter with improved collection and increase in disbursement. “Q4 historically has been the best quarter for the bank and we are positive of our business going forward. With group loan share in total advances reduced to 52 per cent, the bank is on track to achieve the diversification strategy which it had laid down for FY 25,” he said. 

As on December 31, 2021, the bank had 5,626 outlets, including 1,176 branches, and 4,450 banking units. It had 489 ATMs. 

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