Bandhan Bank Q3 Profit Plummets 64% To Rs 291 Crore

Private sector Bandhan Bank on Friday reported a 64% fall in its December quarter net profit at Rs 290.56 crore owing to decline in net interest income and rise in provisions for bad loans.

The Kolkata-based new generation bank had posted a net profit of Rs 858.97 crore in the year-ago period.

However, the bank's total income increased to Rs 4,840.94 crore in the latest December quarter from Rs 4,117.76 crore a year ago, it said in a regulatory filing.

Operating profit too declined to Rs 1,922.2 crore as against Rs 1,950.1 crore in the third quarter of the previous year.

Net Interest Income of the bank declined by 2.1% to Rs 2,080.4 crore from Rs 2,124.8 in the corresponding period of the preceding year.

On the asset quality front, the bank recorded an improvement with gross NPAs declining to 7.15% , as compared to 10.81% at the end of October-December quarter of previous fiscal.

At the same time, net NPAs eased to 1.86% as against 3.01% in the previous year.

Provision and contingencies nearly doubled to Rs 1,541.49 crore over Rs 805.71 crore in FY2022.

The capital adequacy ratio declined to 19.1% in the December quarter as against 20%.