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Bandhan Bank Q1 profit slumps 32.1% to Rs 373.1 cr; income up 16.7% businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Bandhan Bank MD & CEO Chandra Shekhar Ghosh is hopeful that the economy will rebound by the third and fourth quarters of the current fiscal, enabling the lender to meet its targets. He said the bank had exercised caution amid the COVID-19 pandemic and made additional provisioning in the last quarter of 2020-21. We remain cautiously optimistic for the current fiscal as we have made additional provisioning as safeguard. The second wave of Covid pain is expected to subside in the next two-three months, and this time people are better geared than the first wave that took everyone by surprise. The worst seems to be over, and the economy will rebound by the time major lending business happens in Q3 and Q4, to meet our targets, Ghosh told PTI. ....
Bandhan Bank reports 80 per cent drop in Q4 net profit Total provisions other than taxes during the quarter stood at Rs 1,594.3 crore, a growth of 92.7 per cent over the year ago period Bandhan Bank on Saturday reported an 80 per cent drop in net profit for the quarter ended March 2021 as elevated provisions to cover for non-performing assets ate into the lender’s bottomline. Net profit during the January-March quarter was Rs 103 crore compared with Rs 517.3 crore in the corresponding quarter a year ago. Gross non-performing assets of the bank saw a sharp rise to 6.8 per cent of the advances against 1.5 per cent in the corresponding quarter of the previous year. ....
"We remain cautiously optimistic for the current fiscal as we have made additional provisioning as safeguard. The second wave of Covid pain is expected to subside in the next two-three months, and this time people are better geared than the first wave that took everyone by surprise. ....
Bandhan Bank s net profit falls 80% on higher provisioning By IANS | 2 Views Bandhan Bank.. Image Source: IANS News Mumbai, May 8 : Bandhan Bank on Saturday reported an 80 per cent decline in its net profit for the quarter ended March at Rs 103.03 crore. During the same period of the FY20, the bank had reported a net profit of Rs 517.28 crore. The sharp decline in profit came on the back of higher provisioning. During the last quarter of FY21, Bandhan Bank s provisions rose to Rs 1,594.30 crore, compared to Rs 827.36 crore in the corresponding quarter of the previous fiscal. The bank s net interest income (NII) rose 4.6 per cent at 1,757 crore as against a,1,680 crore in Q4FY20. ....