Bandhan Bank, on 18 October, announced its quarterly report for the July-September quarter. The private sector lender reported a whopping 244% year-on-year increase in its net profit at Rs 721.20 crore for the quarter under review against the Rs 209.3 crore reported in the year-ago quarter.

The NII (net interest income) of the bank rose by 11.4% at Rs 2,443.4 crore against Rs 2,193 crore reported in the same quarter of the previous fiscal year.

The gross non-performing asset increased to 7.32% for Q2 of the current fiscal year against 6.76 reported in Q1 of the current year, whereas the non-performing asset grew to 2.32% against 2.18% reported in the previous quarter of the same fiscal year.

The bank’s total deposit grew by 12.8% year-on-year to Rs 1.12 lakh crore for the quarter under review.

The CASA (current account savings account) deposit for Q2FY24 stood at Rs 43,196 crore, whereas the CASA ratio stood at 38.5% for Q2 FY24 against the 36% reported in Q1FY24.

The bank said its loan book stands strong at the end of Q2 at Rs 1.08 lakh crore, marking a 12.3% year-on-year growth.

Mr Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank, said, “The performance in this quarter is encouraging for the bank. We have successfully completed a significant IT transformation project which will not only boost customer experience but also our capabilities, resulting in further growth.”