Bandhan Bank Q1 results: Net profit declines 18.7% YoY to Rs 721 crore

Bandhan Bank Q1 results: Bandhan Bank reported on July 14 an 18.66 per cent year-on-year (YoY) decline in profit after tax (PAT) at Rs 721 crore for the quarter ended June 30, 2023 (Q1FY24). The private sector lender had posted a profit of Rs 886.5 crore in the year-ago period. Its total income rose 1.1 per cent YoY to Rs 2,880 crore. Net Interest Income (NII), which is the difference between interest earned and interest expended, came in at Rs 2,490 crore, down 0.9 per cent YoY. Operating profit slipped 14.2 per cent over-year to Rs 1,560 crore.

The results were mostly below Zee Business analysts' estimates. For instance, the lender's profit was pegged at Rs 800 crore, while NII was estimated to rise 0.6 per cent YoY to Rs 2,530 crore.

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "This quarter’s performance indicates that the bank is on a stable growth path. The Bank has also made significant progress in diversifying its asset book. Our investment in people, Technology, IT & expansion over the last few quarters will surely improve the performance of the bank". 

Source: Earnings release