Bandhan Bank Q4 profit falls 58% to Rs 808 cr

Bandhan Bank on Friday reported a 58 per cent decline in its net profit to Rs 808 crore for the March 2023 quarter due to higher provisions.

The Kolkata-based private bank had earned a standalone net profit of Rs 1,902 crore in the year-ago period.

During the quarter, the bank's total income increased to Rs 4,897.38 crore from Rs 4,844 crore a year ago, Bandhan Bank said in a regulatory filing.

Interest income grew to Rs 4,268 crore during the period under review against Rs 3,872 crore in the year-ago period. However, net interest income declined by 3 per cent to Rs 2,470 crore compared to Rs 2,540 crore in the same quarter a year ago.

The bank's board has recommended a dividend of Rs 1.50 per share or 15 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2023.

Gross Non-Performing Assets (NPAs) were reduced to 4.87 per cent of gross advances as of March 31, 2023, from 6.46 per cent by the end of March 2022. Net NPAs also came down to 1.17 per cent of the advances from 1.66 per cent at the end of 2022.

However, provisions and contingencies increased to Rs 735 crore from Rs 5 crore a year ago. The bank reported a 27 per cent decline in net profit for the entire financial year 2022-23 to Rs 2,507 crore against Rs 3,457 crore in the same period a year ago.