Latest News | Bandhan Bank Q1 Profit Falls 32 Pc at Rs 373 Cr
Get latest articles and stories on Latest News at LatestLY. Bandhan Bank on Friday reported 32 per cent decline in net profit at Rs 373.10 crore for June quarter 2021-22 as provisions for bad loans spiked.
New Delhi, Jul 30 (PTI) Bandhan Bank on Friday reported 32 per cent decline in net profit at Rs 373.10 crore for June quarter 2021-22 as provisions for bad loans spiked.
The bank had posted a net profit of Rs 549.80 crore in the same quarter a year ago.
Total income however was up 20.4 per cent at Rs 2,647.50 crore in the quarter as against Rs 2,198.30 crore in the year-ago period, the bank said in a regulatory filing.
Bank's gross non-performing assets (NPAs) spiked to 8.2 per cent of gross advances as of June 30, 2021 from 1.4 per cent by June 2020.
Net NPAs (or bad loans) also jumped to 3.3 per cent from 0.5 per cent.
Provisions for bad loans and contingencies rose to Rs 1,374.87 crore in the quarter from Rs 849.06 crore parked aside in the year-ago period.
Bandhan Bank stock settled 0.43 per cent up at Rs 291.30 on BSE.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)