Bandhan Bank Soars with 47% Profit Surge in June 2024 Quarter

Bandhan Bank reported a significant 47% increase in its net profit for the June 2024 quarter, reaching Rs 1,063 crore. The growth is attributed to reduced bad loans. The bank's total income rose to Rs 6,063 crore, and interest income increased to Rs 5,536 crore. Asset quality also improved significantly.

Private sector Bandhan Bank on Friday posted a 47 per cent jump in its net profit to Rs 1,063 crore for the June 2024 quarter due to a decline in bad loans.

During the quarter, the bank's total income increased to Rs 6,063 crore against Rs 4,908 crore a year ago, Bandhan Bank said in a regulatory filing.

Interest income grew to Rs 5,536 crore during the period under review from Rs 4,523 crore in the corresponding quarter a year ago. The lender had earned a net profit of Rs 721 crore in the year-ago period.

On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) improved to 4.23 per cent of gross advances as of June 30, 2024, from 6.76 per cent in the April-June quarter of the previous fiscal. Net NPAs also declined to 1.15 per cent of the advances from 2.18 per cent a year ago.

As a result, provisions other than tax and contingencies declined to Rs 523 crore against Rs 602 crore earmarked during the same quarter a year ago. The Capital Adequacy Ratio of the bank declined to 14.97 per cent compared to 19.75 per cent on June 30, 2023.

(With inputs from agencies.)