Bandhan Bank on Tuesday posted 29 per cent quarter-on-quarter (QoQ) fall in net profit at Rs 517.28 crore for the quarter ended March 31 due to over two-fold rise in provision and contingencies.
Analysts in an ETNow Poll had projected a net profit of Rs 700 crore.
Provisions and contingencies increased to Rs 827.36 crore during the quarter under review against Rs 294.88 crore in the preceding quarter ended December 2019.
Asset quality of the company improved with the percentage of gross non-performing assets coming at 1.48 per cent in Q4FY20 over 1.93 per cent in December quarter.
In view of the amalgamation with GRUH Finance, the figures for the current quarter are not comparable with the corresponding figures of previous year.
Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer of Bandhan Bank said, “Q4FY20 has been a satisfying quarter given the challenges faced during the quarter. During the quarter, the bank has showcased the strengths of its deposit franchise with continuously growing deposits in all the segme ..
Net interest income increased 9 per cent QoQ to Rs 1,680 crore in Q4FY20.
.jpeg)
No comments:
Post a Comment