Bandhan Bank Q1FY24 PAT down 18.7% YoY at Rs 721 crore

Bandhan Bank today announced its Financial Results for the Quarter ended June 30, 2023. The standalone net profit declined by 18.7% to Rs 721 crore for the first quarter ended June 2023, as against Rs 886 crore in the year-ago period.

The bank's net interest income at Rs 2,491 crore in the first quarter was marginally down as compared with Rs 2,514 crore in the same quarter last year.

Gross non-performing assets (NPAs) fell to 6.76%, against 7.25% in the year-ago period. Net NPAs were up at 2.18% at the end of the June quarter compared with 1.92% a year earlier.

Provisions for loans fell 6% YoY to Rs 602 crore for the first quarter under review.

Commenting on the performance, Mr. Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said, “This quarter’s performance indicates that the bank is on a stable growth path. The Bank has also made significant progress in diversifying its asset book. Our investment in people, Technology, IT & expansion over the last few quarters will surely improve the performance of the bank”.

Bank has added nearly 7 lakh customers in the current quarter and the total number of customers stands at 3.07 crore. Banking outlets as on June 30, 2023, stood at 6,140. The network consists of 1,542 branches and 4,598 banking units. During the quarter, the number of employees of the bank has gone above 72,000, Chandra Shekhar Ghosh added.

Source: Media reports