Bandhan Bank on reported a 5 per cent drop in its net profit of Rs 920 crore for the quarter ended on 30 September, 2020, as compared to net profit of Rs 972 crore in the same period a year-ago.
“With this provision and additional Standard Assets provision that Bank is carrying in Micro banking portfolio total additional provision in books stands at ₹2,096.0 crore,” the bank said in a exchange filing.
During the September quarter, Net Interest Income (NII) grew 2.5 per cent to Rs 1,923.1 crore, against Rs 1,529.0 crore in the previous year period. Total advances rose 19.4 per cent to Rs 76,614.6 crore from Rs 64,185.5 crore in the previous year period and rose 3.1 per cent on quarter-on-quarter (QoQ) basis from Rs 74,330.5 crore as on 30 June, 2020.
The private lender’s total deposits increased 34.4 to Rs 66,127.7 crore as on 30 September, 2020, as compared to Rs 49,195.2 crore in 30 September, 2019 and increased 9.1 per cent QoQ against Rs 60,610.0 crore as on 30 June, 2020. The bank’s net profit for the quarter increased 67.3 per cent against previous quarter and its additional provision on standard assets accelerated amounting to Rs 300 crore for Covid-19.