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Private lender Bandhan Bank in its Q1 results reported a profit of Rs 886.5 crores, up 137% from Rs 373.1 crores reported in the corresponding quarter last year. However, profit was down 53% QoQ.
Net Interest Income grew 19% to Rs 2,514.4 crores during the quarter while the Total income of the bank grew 4% to Rs 2,844.1 crores. However, Net Interest Margin declined to 8%.
Yes bank Q1 results are live and kicking, read now.
Total advances and Total deposits grew by 20% YoY each, to reach Rs 96,650 crores and Rs 93,057 crores respectively. In the quarter the bank had RoA and RoE (annualized) of 2.5% and 20% respectively.
The asset quality of the bank improved as Gross NPAs declined to 7.25% while Net NPAs declined to 1.92%. Owing to the improvement in asset quality, the provisions of the bank declined 56% YoY to Rs 642.43 crores. However, the CASA ratio improved to 43.2% during the quarter.
"We are looking to open around 530 branches during the current financial year. We have a total of 5,640 banking outlets, including 1190 bank branches, at present, and nearly 47 percent of them are in the eastern region. We are looking to diversify our concentration," said Chandra Sekhar Ghosh, CEO & MD of the Bank.
Moreover, the bank added that credit growth would be driven by retail, housing, and MSME sectors during the current fiscal. The collection efficiency of the bank had improved to 96% during the quarter and is set to reach 98% by the end of the current FY.
The stock of the bank closed at Rs 286 per share, up 0.9% on Friday. On Monday, the stock opened at Rs 285.55 per share on Monday.
Article by Aman Agarwal.
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