Stock Market update: Bandhan Bank shares up by 2% post Q3 results

Stocks of Bandhan Bank went up by 2.49% to ₹302.60 per equity share against the previous close at ₹295.50 per share, in today’s early trade.

The shares of Bandhan Bank increased by 2.49% at ₹302.60 per share against the previous close at₹295.50 per share, in today’s early trade. The trade opened at Rs ₹299.90 per equity share representing an inclination of 2.50% and hitting a high of ₹302.95 per unit in today’s trade.

Bandhan Bank on Friday reported a 35.79% year-on-year jump in net profit to Rs 858.97 crore for the third quarter this fiscal year from Rs 632.59 crore in the same period last fiscal year as the lender’s non-interest income rose and provisions down.

Its non-performing assets (NPAs), in absolute terms, rose 7.74% quarter on quarter to `9441.57 crore in Q3 FY22 as against Rs 8773.60 crore in Q2FY22. On a year-on-year basis, its NPAs soared tenfold from Rs 859.22 crore in the third quarter last fiscal. During the quarter under review, the bank’s gross NPAs, as a percentage of total loans, stood at 10.81% compared to 10.82% in the second quarter.

Commenting on the results, Chandra Shekhar Ghosh, managing director and CEO, said, “Third quarter of this fiscal has been a very good one for the bank where we have witnessed growth across all parameters. After the challenging first half, we have seen growth bounced back strongly and things stabilise on the asset quality front with collection efficiency improving very strongly.”

The bank said the share of full paying customers stood at 89% in December, up from 79% in September. Around 66% of NPA customers continued to make payments in a bid to regularize their overdue loan accounts at the earliest. Around 2/3rd of the bank’s restructured customers also continued to pay despite the moratorium.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time