Bandhan Bank’s net profit falls 80% on higher provisioning

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    Mumbai, May 8 | Bandhan Bank on Saturday reported an 80 per cent decline in its net profit for the quarter ended March at Rs 103.03 crore.

    During the same period of the FY20, the bank had reported a net profit of Rs 517.28 crore.

    The sharp decline in profit came on the back of higher provisioning. During the last quarter of FY21, Bandhan Bank’s provisions rose to Rs 1,594.30 crore, compared to Rs 827.36 crore in the corresponding quarter of the previous fiscal.

    The bank’s net interest income (NII) rose 4.6 per cent at 1,757 crore as against a,1,680 crore in Q4FY20.

    The Net Interest Income (NII) for the quarter grew by 4.6 per cent to Rs 1,757.0 crore as against Rs 1,680.0 crore in the corresponding quarter of the previous year.

    Its gross non-performing asset (GNPA) as on March 31, 2021 was at 6.8 per cent against 7.1 per cent as on December 31, 2020.

    Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: “A very challenging year ended on a positive note with growth and collection coming back to normalcy. With accelerated provisioning and write off, we are now well placed as we enter FY 22. We remain cautious but confident as we deal with the Covid-19 second wave.

    “We remain committed to our strategy that we have presented last quarter of granular, diversified and quality growth,” Ghosh said.

    Source: IANS

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