Bandhan Bank Q1 Net Rises 35% At Rs 327 Crore
Net profit of Bandhan Bank increased 35 per cent at Rs 327 crore during the first quarter of current financial year as compared to the similar period last fiscal.
Chairman and founder of Bandhan Bank, Chandra Sekhar Ghosh said that credit growth during the first quarter witnessed 35 per cent growth at Rs 21,389 crore year-on-year and deposits saw 51 per cent growth at Rs 22,439 crore.
He said that gross non-performing asset (NPA) in the first quarter marginally increased at 0.82 per cent from the 0.22 per cent year-on-year while net NPA stood at 0.49 per cent from 0.14 per cent year-on-year.
"Reasons for the rise in NPA were due to agriculture farm loan waiver in states like Uttar Pradesh, Maharashtra, Madhya Pradesh, Delhi and Haryana which affected the repayment culture", he said.
Although Bandhan was not directly involved as it did not extend farm loan, but advances were made in allied agriculture like fisheries, milking of cows and vegetable growing, he told reporters on Thursday (27 July).
The ongoing Darjeeling unrest had also led to stoppage of collections in that region, he said.
Bandhan Bank would look at areas like MSME and affordable housing for advancing credit, Ghosh said adding that the bank would start selling third party products in mutual fund and general insurance from September.
It would continue to extend micro-credit, he said.
No new branches were opened in the first quarter, Ghosh added.
(PTI)
