Bandhan Bank Q1 Profit Falls 19% YoY to Rs 721 Crore
IIE Digital Desk : Bandhan Bank reported a 19% year-on-year (YoY) decline in net profit to Rs 721 crore for the first quarter (Q1) of 2023-24. The bank's net profit stood at Rs 873 crore in the corresponding quarter of the previous year.
The decline in profit was mainly due to a rise in provisioning for bad loans. The bank's provisioning for bad loans increased to Rs 514 crore in Q1FY24 from Rs 396 crore in Q1FY23.
However, the bank's net interest income (NII) increased by 13% YoY to Rs 2,355 crore in Q1FY24. The bank's NII was supported by a rise in interest income and a decline in interest expenses. The bank's total assets stood at Rs 1.63 lakh crore at the end of Q1FY24, while its total deposits stood at Rs 1.32 lakh crore.
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