Today, Bandhan Bank reported 13.5% decline in net profit at ₹632.6 crore for the third quarter ended December 31, 2020. The bank in the same period of the previous fiscal year posted a net profit of ₹731 crore.
Bandhan Bank announced in a press release that their total income during the period under review rose 38.3% to ₹2,625 crore from ₹1,898 crore in the same period of 2019-20.
“During the quarter the bank has taken accelerated additional provision on standard advances amounting to ₹1,000 crore. With this provision and additional standard assets provision that bank is carrying in micro banking portfolio total additional provision in books stands at ₹3,119 crore,” the bank said.
Gross NPAs as on December 31, 2020 stood at ₹859.2 crore (1.1% of gross advances) against ₹1,182 crore (1.9%) by the year-ago same period. Net NPAs were at ₹201.3 crore (0.3%) against ₹491.4 crore (0.8%).
Bandhan Bank stock was trading at ₹345.10 on BSE, down 4.10% from the previous close.
Last year Bandhan Bank reported 120.85% year-on-year (YoY) rise in net profit at Rs 731 crore for the December quarter. The company revealed in a BSE filing last year, that they have added 7.3 lakh customers during the quarter with total customer base at 1.9 crore.
Bandhan Bank started in 2001 as a not for profit enterprise providing microloans to the underprivileged sections of society. In 2010, the entity was recognised as the largest MFI in the country. Bandhan Bank is the first bank to be set up in Eastern India post-Independence. On 27 March 2018, it got listed on the bourses and became the 8th largest bank in India by market capital, on the day of listing.