Bandhan Bank Q3 results: Profit falls 14% at Rs 633 cr

Bandhan Bank Q3 results: Profit falls 14% at Rs 633 cr

Bandhan Bank on Thursday reported 13.5 per cent decline in net profit at Rs 632.6 crore for the third quarter ended December 31, 2020.

The bank had posted a net profit of Rs 731 crore for the same period of the previous fiscal year.

Total income during the period under review rose 38.3 per cent to Rs 2,625 crore from Rs 1,898 crore in the same period of 2019-20, Bandhan Bank said in a press release.

“During the quarter the bank has taken accelerated additional provision on standard advances amounting to Rs 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 Rs 3,119 crore,” the bank said.

On asset front, gross NPAs as on December 31, 2020 stood at Rs 859.2 crore (1.1 per cent of gross advances) against Rs 1,182 crore (1.9 per cent) by the year-ago same period.

Net NPAs were at Rs 201.3 crore (0.3 per cent) against Rs 491.4 crore (0.8 per cent.).

Bandhan Bank stock was trading at Rs 345.10 on BSE, down 4.10 per cent from previous close.

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