Bandhan Bank's Q1 Net Profit Falls 19% To Rs 721 Cr

Bandhan Bank's standalone net profit for the first quarter ended June declined by 19 per cent to Rs 721 crore, compared to Rs 886 crore in the same period last year. 

The drop in profit exceeded analysts' expectations, who had predicted a decline of around 14 per cent. Net interest income for the quarter was Rs 2,491 crore, slightly lower than the Rs 2,514 crore reported in the corresponding quarter of the previous year. 

On the asset quality front, gross non-performing assets (NPAs) improved to 6.7 per cent from 7.25 per cent a year ago, while net NPAs increased to 2.18 per cent from 1.92 per cent. 

Provisions for loans decreased by 6 per cent year-on-year to Rs 602 crore. Chandra Shekhar Ghosh, Managing Director and CEO, expressed optimism about the bank's performance, highlighting the progress made in diversifying the asset book and investments in technology and expansion.