Bandhan Bank Q3 net jumps 35.7%

Kolkata: Bandhan Bank has reported a 35.7% year-on-year jump in its net profit to Rs 858.9 crore for the third quarter this fiscal from Rs 632.5 crore net profit for the year-ago period as the city-based lender’s non-interest income grew up and provisions fell.
The bank’s founder and MD, Chandra Sekhar Ghosh, pointed out that the collection efficiency of the lender has improved.In Assam, there has been a 14% rise in collection efficiency while in West Bengal, its another major market for microfinance, it has improved by 5%. The private sector lender had posted a net loss of Rs 3,008.5 crore for the second quarter this fiscal on the back of provisions worth Rs 5,613.48 crore as it had seen a huge surge in bad loans.
The bank’s non-performing assets (NPAs), in absolute terms, rose 7.7% quarter-on-quarter at Rs 9441.5 crore in Q3FY22 against Rs 8773.6 crore for Q2FY22.
On a year-on-year basis, its NPAs soared nearly ten-fold from Rs 859.2 crore in the third quarter of the last fiscal.
However, Ghosh pointed out that 66% of NPA customers have started paying back. “A lot of customers have regularised their accounts and we are expecting a further drop in gross NPA in next few quarters,” he added.
The housing finance portfolio of the bank has done well and the focus of the bank is to increase the same.