Bandhan Bank Q4 results, Net profit declines 93% to Rs 54.63 crore

The bank wrote off bad loans worth Rs 3,850 crore in the January-March period, compared with none in the past four quarters.

Bandhan Bank Q4 results, Net profit declines 93% to Rs 54.63 crore

Indian private lender Bandhan Bank reported a 93% fall in fourth-quarter net profit as it increased provisions and wrote off bad loans.

The bank's net profit stood at Rs 54.63 crore in the three months of ending March 31, down from Rs 808 crore in the same quarter a year ago.  Bandhan Bank's provisions and contingencies jumped to Rs 1,774 crore from Rs 735 crore in the previous year.

The bank wrote off bad loans worth Rs 3,850 crore in the January-March period, compared with none in the past four quarters. The loans were given to small borrowers during the pandemic and were covered by a government guarantee.

Read Also : Lalit Bohra appointed as Govt. Nominee Director on PowerGrid Board

The Private lender's net interest income rose 16% on-year to Rs 2,866 crore, while the net interest margin stood at 7.6%. Its loans rose by 14.3%, while deposits rose 25%.

Its gross non-performing asset ratio in terms of asset quality - improved to 3.84% as of March-end from 7.02% at the end of the prior three months as a result of the write-offs.

The shares of the Bandhan Bank are up by 1.95% with good market value.

 

 

Read Also : Coal India distributes Eco-Friendly bags