Bandhan Bank reported a net profit of ₹209 crore during the quarter ended September 30, 2022. It had reported a net loss of ₹3,009 crore in the same period last year.

On a sequential basis, however, profits came down by nearly 76 per cent from ₹887 crore during first quarter ended June 30, 2022, on the back of slippages and write-off of advances primarily microcredit loans.

The bank has written off loans to the tune of ₹3,539 crore during the quarter under review. This is higher than the write-off of around ₹2,029 crore during the fourth quarter ended March 31, 2022.

According to Chandra Shekhar Ghosh, Managing Director and CEO, Bandhan Bank, the pandemic-related stress is phasing out, and going forward, good growth is expected, both in deposits and advances.

Net interest income during the quarter under consideration grew by around 13 per cent at ₹2,193 crore against ₹1,935 crore in the same period last year.

The bank’s net interest margin stood at 7 per cent. It expects its NIM to improve to 7.5-8.5 per cent by the end of this fiscal.

Total advances grew by 17 per cent at ₹95,835 crore while deposits increased by around 21 per cent at ₹99,366 crore. The bank expects 20-25 per cent growth in advances during the current fiscal backed by a steady demand.

Gross non-performing assets came down at 7.19 per cent (10.82 per cent) while net NPA stood at 1.86 per cent (3.04 per cent).

The bank is planning to open more than 550 new branches across the country during the current fiscal. It is also looking to grow its portfolio in areas such as SME loans, gold loans, personal, and auto loans, among others.

The bank’s scrip closed at ₹265.20, down by 2.12 per cent on the BSE on Friday.

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