Bandhan Bank said on Tuesday its net profit for the January to March quarter shrank by 20.58 per cent to Rs 517 crore against Rs 651 crore in the corresponding quarter of previous year.
In Q4 FY 20, the bank has taken additional provision on standard assets on account of Covid-19 amounting to Rs 690 crore.
More worryingly, gross non-performing assets (NPAs) as on March 31 stood at Rs 993 crore (1.48 per cent) against Rs 820 crore (2.04 per cent) a year ago. Net NPAs totalled Rs 389 crore (0.58 per cent) against Rs 228 crore (0.58 per cent) last year.
However, net interest income for the quarter grew by 33.57 per cent to Rs 1,680 crore as against Rs 1,258 crore in the corresponding quarter of previous year.
Non-interest income grew by 28.87 per cent to Rs 500 crore for the quarter ended March 31 against Rs 388 crore in the corresponding quarter of previous year.
Total advances grew by 60.46 per cent to Rs 71,846 crore as on March 31 against Rs 44,776 crore last year and 9.76 per cent quarter-on-quarter against Rs 65,456 crore as on December 31, 2019.
Total deposits increased by 32.04 per cent to Rs 57,802 crore as on March 31 as compared to Rs 43,232 crore as on March 31 last year and 3.96 per cent quarter-on-quarter against Rs 54,908 crore as on December 31, 2019.
In January last year, Gruh Finance was taken over by Bandhan Bank in a share-swap deal. The lender has 4,559 banking outlets consisting of 1,018 branches, 33,46 banking units and 195 Gruh centres besides 485 ATMs.
( With inputs from ANI )