Bandhan Bank announced a net profit of nearly three times to Rs 721 cr for the second quarter ended September 30, 2023, on Wednesday. For the same quarter last year, the private sector lender reported a profit of ₹209.30 crore.
According to a regulatory filing from Bandhan Bank, total income for the July–September fiscal year increased to ₹5,032 crore, compared to ₹4,250 crore during the same period in 2022–2023.
From ₹2,193 crore in Q2 FY23 to ₹2,443 crore in Q2 FY24, the net interest income increased. For the same quarter last year, the bank reported a profit of ₹209.30 crore.
According to a regulatory filing from Bandhan Bank, total income for the July–September fiscal year increased to ₹5,032 crore, compared to ₹4,250 crore during the same period in 2022–2023.
The lender reported a decline in asset quality, with gross non-performing assets (NPAs, or bad loans) increasing from 7.19 per cent at the end of the second quarter of 2022–2023 to 7.32 per cent at the end of September 2023.
Similarly, net non-performing assets, or bad loans, rose from 1.86 per cent to 2.32 per cent.
But, compared to the same quarter last year, provision (apart from taxes) and contingencies decreased to ₹636 crore from ₹1,280 crore.
The bank’s net interest margin increased from 7 per cent in Q2 FY23 to 7.2 per cent in Q2 FY24.
