Private sector lender Bandhan Bank announced a 47.5% increase in net profit for the first quarter of FY25, reaching ₹1,063.5 crore. This compares to ₹721 crore in the same period last year.
Net interest income (NII) also grew by 20.7% to ₹3,005 crore, up from ₹2,490.6 crore a year ago. The bank’s net interest margin (NIM) remained steady at 7.6%.
The cost-to-income ratio improved to 45%, down from 48% in the previous quarter. However, the bank saw a rise in gross non-performing assets (NPA) to 4.23% from 3.84% last quarter. Net NPAs increased slightly to 1.15% from 1.11%.
Bandhan Bank’s total deposits as of June 30, 2024, reached ₹1.33 lakh crore, a 23% increase from the previous year but a 1.5% decrease from the previous quarter. Gross advances grew by 22% to ₹1.26 lakh crore compared to ₹1.03 lakh crore a year earlier.
The bank’s provision coverage ratio improved to 73.7%, up from 71.8% in the previous quarter.
Ahead of the earnings announcement, shares of Bandhan Bank Ltd. settled 3.64% higher at ₹192.60 apiece on the NSE.
