Bandhan Bank Q1 net profit rises 47% to Rs 1,063 cr

New Delhi: 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.

The lender had earned a net profit of Rs 721 crore in the year-ago period.

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.

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.