Bandhan Bank Q1 profit falls 32% at Rs 373 crore

Bandhan Bank on Friday reported 32% 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% 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. Its gross non-performing assets (NPAs) spiked to 8.2% of gross advances as of June 30, 2021 from 1.4% by June 2020. Net NPAs (or bad loans) also jumped to 3.3% from 0.5%.

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.