Private sector lender Bandhan Bank on Friday said its net profit surged by 35.7 per cent to Rs 859 crore for the third quarter of the current financial year as compared with Rs 632.6 crore profit recorded in the corresponding quarter of 2020-21.
The company's Net Interest Income (NII) for the quarter grew by 2.6 per cent to Rs 2,124.7 crore as against Rs 2,071.7 crore in the corresponding quarter of the previous year.
Non-interest income grew by 26.7 per cent to Rs 712.3 crore for the quarter ended December 31, 2021 against Rs 562.3 crore in the corresponding quarter of the previous year.
Net Interest Margin (annualised) for the quarter ended December 31, 2021 stood at 7.8 per cent against 7.6 per cent in the quarter ended September 30, 2021.
Gross NPAs as on December 31, 2021 stood at Rs 9,441.6 crore (10.81 per cent) against Rs8763.6 crore (10.82 per cent) as on September 30, 2021, Bandhan Bank said in a statement.
Net NPAs as on December 31, 2021 stood at Rs 2,413.1 crore (3.01 per cent) against Rs 2,265.8 crore (3.04 per cent) as on September 30, 2021, it added.
"We have seen all round recovery during the quarter with improved collection and increase in disbursement. Q4 historically has been the best quarter for the Bank and we are positive of our business going forward. With Group loan share in total advances reduced to 52 per cent, Bank is on track to achieve the diversification strategy which it had laid down for FY 25," said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.
( With inputs from ANI )
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