Fee income pushes Bandhan Bank net up 18.2% to 331 Cr
The Kolkata-based private sector lender Bandhan Bank reported an over 18 per cent growth in net profit for the quarter to September at Rs 331 crore on a substantial rise in both net interest income and non- interest income.
Net interest income for the quarter rose nearly 22 per cent to Rs 694 crore from Rs 569 crore a year ago, while non- interest income rose a higher 66.42 per cent to Rs 223 crore from Rs 134 crore, the bank said in a statement.
Its current accounts-saving accounts deposits rose to 28.18 per cent of total deposits from 16.71 per cent in the year-ago period.Total advances (including IBPCs and assignment of the portfolio) in the quarter rose 23.42 per cent to Rs 22,111 crore, while deposits grew at a higher 42.29 per cent to Rs 25,442 crore.
Managing director Chandra Shekhar Ghosh said the management has already appointed merchant bankers for its proposed IPO.
Net interest margin slipped to 9.33 per cent from 10.17 per cent in the corresponding quarter and Ghosh said this was due to lowering of lending rates.
Gross non-performing assets also inched up to 1.26 per cent from 0.82 per cent and so was net NPAs which rose to 0.67 per cent from 0.49 per cent.Capital adequacy ratio stood at 26.25 per cent with tier 1 capital ratio at 24.86 per cent.
Bandhan Bank operates 864 branches across 33 states and Union territories, 2543 doorstep service centres and 386 ATMs and serves 11 million customers.Bandhan Bank is the first micro-finance entity to transform itself into a universal bank in June 2015.