Bandhan Bank posts 10 per cent PAT growth
Bandhan Bank reported a 10.3 per cent rise in net profit at Rs. 331.25 crore for the third quarter ended December 31, 2018, on Thursday.
The bank had recorded a net profit of Rs. 300.04 crore in the October-December quarter of last fiscal. Total income of the bank increased to Rs. 1,883.65 crore during the Q3FY19 as against Rs. 1,336.42 crore over the corresponding period of the previous fiscal.
The gross non-performing assets (NPAs) rose to 2.41 per cent of the total advances during the quarter as against 1.67 per cent at the end of third quarter of the previous fiscal. However, net NPAs of the bank declined to 0.80 per cent in the quarter from 0.70 per cent of the net advances. During the December quarter, the Net Interest Income (NII) grew by 53.5 per cent at Rs. 1,124 crore as against Rs. 732 crore in the corresponding quarter of the previous year.
Net Interest Margin (NIM) for Q3FY19 stood at 70.3 per cent against 9.9 per cent in the corresponding quarter of the previous year. Earlier this week, Bandhan Bank agreed to acquire HDFC Limited promoted affordable housing finance firm Gruh Finance Limited. The share exchange ratio accepted by the boards of Bandhan Bank and Gruh is 568 equity shares of face value of Rs. 10 each of Bandhan Bank to be issued for every 1,000 equity shares of face value of Rs. 2 each of Gruh.
On Thursday, the Bandhan bank stock opened at Rs. 450 per share and touched a high/low of 474/451.10 per share.