Private lender Bandhan Bank Ltd on Friday (February 9) reported a 152.06% year-on-year (YoY) jump in net profit at ₹732.7 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Bandhan Bank posted a net profit of ₹290.6 crore, the company said in a regulatory filing. A CNBC-TV18 poll had predicted a profit of ₹789.3 crore for the quarter under review.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 21.4%, coming at ₹2,525.4 crore against ₹2,080.4 crore in the corresponding quarter of FY23.
Our had predicted an NII of Rs 2,542.6 crore for the quarter under review.
The loan portfolio of the bank stands at ₹ 1.16 lakh crore, growing by 18.6% year-on-year. The retail loan books other than housing finance books grew by 70% year-on-year, commercial banking book grew by 60% year-on-year and housing finance book grew by more than 6% year-on-year.
Total deposits stand at ₹1.17 lakh crore, growing by 14.8% year-on-year, better than the industry average growth. CASA deposits are at ₹42,413 crore and the CASA ratio stands at a healthy 36.1% in Q3 of FY24.
Collection efficiency for the bank stood steady and healthy at 98% for the Dec 23 quarter. Collection efficiency for the EEB book also stood at 99% on Dec 23 quarter. Provision coverage ratio (PCR) stands at 70% as of December 31, 2023. NIM% stood at 7.2% in Q3 of FY24 better than 6.5% in Q3 of FY23, stable from 7.2% in Q2 of FY24.
Return on Assets (ROA) and Return on equity (ROE) (annualized) for Q3 of FY24 stands at 1.9% and 14% respectively. CRAR (Capital-to-risk (weighted) assets ratio) including 9M of FY24 profits stands at 19.8%.
Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank said: “The growth in this quarter across various segments of business is very encouraging. The bank has demonstrated stability across various key performance indicators despite a tough operating environment."
"The bank has added nearly 9 lakh customers in the current quarter and the total number of customers stands at 3.26 crore. Total Banking outlets stood at more than 6,250. During the quarter, the number of employees of the bank has gone above 75,000," Ghosh said.
The results came after the close of the market hours. Shares of Bandhan Bank Ltd ended at ₹216.70, up by ₹2.50, or 1.17%, on the BSE.
First Published: Feb 9, 2024 4:10 PM IST
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