Bandhan Bank June quarter net soars 45% to Rs 701 crore

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Published: July 20, 2019 1:44:56 AM

Non-interest income grew 48.18% y-o-y to Rs 312.20 crore, against Rs 210.69 crore in the corresponding quarter of the last fiscal, according to a stock exchange filing.

The Kolkata-based lender’s operating profit for the June quarter rose to Rs 1,207.56 crore from Rs 820.51 crore for the same period last year, with net interest income (NII) for the quarter growing 36% y-o-y to Rs 1,410.39 crore.

Private sector lender Bandhan Bank on Friday announced an over 45% year-on-year jump in its net profit to `701.14 crore for the quarter ended June 30, compared with `481.71 crore for the corresponding period a year ago, buoyed by more than 47% y-o-y rise in its operating profit.

The Kolkata-based lender’s operating profit for the June quarter rose to Rs 1,207.56 crore from Rs 820.51 crore for the same period last year, with net interest income (NII) for the quarter growing 36% y-o-y to Rs 1,410.39 crore.

Non-interest income grew 48.18% y-o-y to Rs 312.20 crore, against Rs 210.69 crore in the corresponding quarter of the last fiscal, according to a stock exchange filing.

Addressing a media conference, MD and CEO Chandra Shekhar Ghosh said total advances grew 39.36% to `45,420 crore, compared with `32,590 crore during same quarter last fiscal. As on June 30, 2019, the lender’s net interest margin (NIM) stood at 10.45%.
Ghosh said his bank was expecting the proposed acquisition of Gruh Finance, the affordable housing finance arm of HDFC, to be completed during this fiscal. The proposed acquisition, in a share-swap deal, has already got approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and markets regulator Sebi. Now, the final approvals from NCLT Kolkata and Ahmedabad Benches are required.

The acquisition is expected to bring down promoter holding of Bandhan Financial Holdings in the bank to around 61% from around 82% at present.

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