Bandhan Bank on Tuesday reported a 120.85 per cent year-on-year (YoY) rise in net profit at Rs 731 crore for the December quarter compared with Rs 331 crore in the same quarter last year.
The numbers are not comparable as the third quarter results included figures for Gruh Finance, which was merged with the bank with effect from October 17, 2019.
The bank said its net interest income (Nil) jumped 37.10 per cent to Rs 1,541 crore for the quarter edned December 2019. This was against Rs 1,124 crore in the year-ago quarter.
Non-interest income rose 52.99 per cent to Rs 358 crore from Rs 234 crore on a YoY basis.
Net interest margin for the quarter came in at 7.9 per cent for the merged entity (including Gruh Finance) against 10.5 per cent (standalone) in the same quarter last year. Gross NPAs for the merged entity stood at 1.9 per cent compared with 2.4 per cent YoY on a standalone basis.
Chandra Shekhar Ghosh said: "During the quarter, the bank made additional provision of Rs 200 crore on standard advances in microfinance portfolio after evaluating risk observed in certain areas of a north eastern state, though having a dwindling effect. Last quarter has witnessed strong customer growth on advances and deposit growth has been highest over last four quarter. I am positive and confident on the business and growth going forward."
The company added 7.3 lakh customers during the quarter with total customer base at 1.9 crore as on December 31, the company said in a BSE filing.
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