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Private lender Bandhan Bank has reported a staggering 1747% YoY surge in profits for the quarter ended in March 2022 as profit for the quarter came in at Rs 1,902.3 crores against Rs 103 crores reported in the corresponding quarter last year.
Net Interest Income i.e. the difference between interest earned and interest given, grew 44.6% during the quarter to Rs 2,539.8 crores from Rs 1,757 crores last year while non-interest income grew 37.7% to Rs 964.4 crores. This marked an improvement in the net interest margin as it came in at 8.7%, improving from 6.8% in the corresponding quarter last year.
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The total income of the bank improved by 43% to Rs 3,504.2 crores as the asset quality of the bank showed improvement. The Gross NPAs for the quarter stood at 6.46% of gross advances while Net NPAs were at 1.66%. The massive jump in profits came in on the back of provisions as provisions declined by 99.7% from Rs 1,507.70 crores last year to Rs 4.7 crores.
“Bank has seen best-ever quarterly performance during the quarter backed by robust all-round operating performance and lower credit costs. Given the strong recovery and stable operating environment we are confident of further improving our performances during next fiscal as well,” said Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank.
For the year ended on 31st March 2022, the Net Interest Income was up 15.2% to Rs 8,714 crores while non-interest income was up 39.6% at Rs 2,822.80 crores. Operating profit for the year saw robust growth as it grew 18.4% to Rs 8,013.4 crores. The bank's total advances improved 14.1% to Rs 99,338.1 crores while its total deposits grew 23.5% to Rs 96,330.6 crores.
The stock of Bandhan Bank has improved significantly in 2022. It declined sharply in March 2022 when global indices were hit due to Russia's attack on Ukraine but it has shown substantial recovery as it closed at Rs 317.45 per share on Friday, marking a 25.8% growth since the beginning of 2022.
Article by Aman Agarwal.
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