Bandhan Bank Q1 FY24 results: Net profit declines 19% to Rs 721 crore

Bandhan Bank on Friday reported an 18.7 per cent drop in net profit at Rs 721 crore in the June quarter due to drop in net interest income.

The Kolkata-based private lender recorded a net profit of Rs.887 crore in the period last year.

Total income for the quarter under review rose to Rs.4,908 crore from Rs.4,385 crore in FY2023, Bandhan Bank said in a regulatory filing.

Interest earned by the bank increased to Rs. 4,523 crore over Rs. 4,055 crore in the June quarter last year.

The bank’s net interest income fell to Rs.2,491 crore in the first quarter of FY24 as compared to Rs.2,514 crore in the same quarter last year.

The bank’s asset quality showed improvement as total non-performing assets decreased to 6.76 percent of total advances by the end of June 2023, from 7.25 percent in June 2022.

However, net NPAs or bad loans rose to 2.18 percent from 1.92 percent a year earlier.

The bank’s capital adequacy ratio improved to 19.75 percent from 19.44 percent in the same quarter of FY23.