Private sector Bandhan Bank on Friday announced a multiple increase in its net profit to Rs 1,902.30 crore in the quarter ended March 2022. The bank had posted a net profit of Rs 103 crore in the quarter of the year previous.
CNBC-TV18 Polls had predicted a profit of Rs 1,012.8 crore for the quarter under review.
The bank’s total income in the fourth quarter of FY22 increased by 43% to Rs 3,504.2 crore from Rs 2,457.4 crore in the same period of FY21. Bandhan Bank said in a regulatory filing. Net interest income in the quarter rose 45% to Rs 2,539.8 crore, while non-interest income rose 38% to Rs 964.4 crore, it said. the bank.
With regard to asset quality, there was a slight improvement, with gross non-performing assets (NPAs) falling to 6.46% of gross advances as of March 31, 2022, from 6.81% in March 2021. NPAs net or bad debts decreased significantly to 1.66. percent, from 3.51 percent.
Provisions (other than tax) for the quarter were massively reduced to Rs 4.7 crore from Rs 1,507.70 crore in the March 2021 quarter, the bank said.
“The Bank delivered the best quarterly performance in its history during the quarter, supported by strong overall operating performance and lower credit costs. Given the strong recovery and stable operating environment, we are confident to further improve our performance in the next fiscal year as well,” said Chandra Shekhar Ghosh. , said the Managing Director and CEO of Bandhan Bank.
Bank outlets as of March 31, 2022 were 5,639. The total number of ATMs was 471 as of March 31, 2022 compared to 487 as of March 31, 2021. During the quarter, the number of employees of the bank fell from 55,341 to 60,211, the lender said.
Shares of Bandhan Bank traded at 322.50 rupees each on the BSE, up 6.02% from the previous close.
With PTI entries
(Edited by : Priyanka Deshpande)
First post: STI