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Bandhan Bank Q3 net profit rises by 10.41 pc
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Bandhan Bank Q3 net profit rises by 10.41 pc

Mumbai, Jan 10 : Private Sector Lender Bandhan Bank Ltd has posted a rise of 10.41 per cent in its net profit for the quarter ended December 31,2018 at Rs 331.26 crore as against Rs.300.04 crore for the quarter ended December 31, 2018.

However, total income for the quarter under review rose by 40.95 per cent to Rs 1883.65 crore as compared to Rs 1336.42 crore for the quarter ended December 31, 2018, bank said in a filing with BSE.

Net interest margin stood at Rs 10.50 per cent in December quarter as against 10.30 per cent in the same quarter last year.

Net interest income (NII) for the quarter increased 53.5 per cent to Rs 1,124 crore as against Rs 732 crore in the same quarter last year.

Percentage of gross non-performing assets NPA climbed to 2.41 per cent from 1.29 per cent on quarter-on-quarter basis. Percentage of net NPA stood almost flat at 0.70 per cent against 0.69 per cent during the same period.

Provisions and contingencies rose 208 per cent YoY to Rs 377.65 crore in Q3FY19 over Rs 122.55 crore in Q3FY18.

'Provision of Rs 384.95 crore was made in respect of an exposure to a borrower from infrastructure development and finance sector, which was classified as non-performing asset and fully provided for during the quarter,' the filing added

Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said, "Our core business of microbanking and deposits - particularly retail including CASA has continued its strong performance in Q3FY19. With the announcement of the merger with the Gruh Finance, we are excited and confident to accelerate this growth in affordable housing segment." (UNI)