MUMBAI: Bandhan Bank on Wednesday reported a 31.6% year-on-year fall in its net profit to ₹550 crore for the June quarter due to additional provision on standard assets--amounting to ₹750 crore--for covid-19.
Net interest income (NII) for the quarter rose nearly 15% year-on-year (YoY) to ₹1,811 crore while non-interest income grew 16.9% to ₹387 crore.
Net interest margin during the quarter was at 8.15% compared with 8.13% during January-March. Provisions and additional standard assets provision in the micro-banking portfolio totalled ₹1,769 crore.
"During the quarter, the bank started collections post unlocking announced by the government. Overall, bank collections improved to 76% by end of June’20 compared to 29% in April’20 and continue to showcase the strengths of our retail deposit franchise with strong growth of 35% during this difficult time, especially CASA growing by over 47%," said Chandra Shekhar Ghosh, managing director and chief executive, Bandhan Bank.
Gross non-performing assets (NPAs) as on June 30 fell to ₹1,007 crore from ₹1,020 crore in the year-ago period. Net NPAs fell 3.45% to ₹336 crore from ₹348 crore a year ago.
Gross NPAs, as a percentage of gross advances, were at 1.43% compared with 1.70% as of June, 2019 and 1.48% as of March, 2020.
Total advances--on book, off book and TLTRO--during the June quarter grew 17.7% YoY to ₹74,331, and up 3.5% sequentially.
Deposits rose 35.3% year-on-year to ₹60,610 crore.
At 0235 pm, shares of Bandhan Bank traded 0.7% lower at ₹349.90 apiece, while the benchmark Sensex was up 255.51 points at 36218.51.
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