Mumbai: Kolkata-based Bandhan Bank on Thursday reported a 68 percent increase in its March quarter net profit to Rs 651 crore due to higher net interest and non-interest income.
It had reported a net profit of Rs 388 crore in the year-on period.
Net interest income in Q4 of FY19 was up 46 percent to Rs 1,258 crore as against Rs 864 crore last year. Non-interest income was at Rs 388 crore, up 91 percent from Rs 203 crore a year ago.
Deposits rose 28 percent to Rs 43,232 crore while advances increased 38 percent to Rs 44,776 crore. Provisions and contingencies surged 41 percent to nearly Rs 200 crore in the quarter from Rs 113 crore a year ago.
As a percentage of total loans, gross non-performing assets (NPAs) stood at 2.04 percent as compared to 1.25 percent in the same quarter a year ago. Net NPAs were static at 0.58 percent.
“The year 2018-19 has been a challenging year for the banking industry,” said Chandra Shekhar Ghosh, Managing director and Chief Executive Officer of Bandhan Bank.
“We closed the financial year on a positive note with visibility of growth and improvement in asset quality and liability profile,” said Ghosh.
The Board has recommended a 30 percent dividend of Rs 3 per equity share having a face value of Rs 10 each.