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Bandhan Bank gains over 7% post Q2 results

SI Reporter/Mumbai 10 Oct 18 | 03:17 PM

Bandhan Bank

Shares of Bandhan Bank have moved higher by 7.5% to Rs 521 per share on the BSE in intra-day trade after the bank reported a 47% year on year (YoY) jump in its net profit at Rs 4.88 billion during July-September quarter (Q2FY19). The private sector lender had a profit of Rs 3.31 billion in the same quarter last fiscal.

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Net interest income (NII) for the quarter grew by 55.6% at Rs 10.78 billion as against Rs 6.93 billion in the corresponding quarter of the previous year. Net interest margin (NIM) improved to 10.3% from 9.3% in year ago quarter.

Gross bad loans as a percentage of total loans stood at 1.29% at the end of Q2FY19, compared with 1.26% in the previous quarter and 1.43% a year earlier. Net non-performing assets as a percentage of total loans during the quarter under review stood at 0.7% against 0.6% in the previous quarter and 0.8% in year ago quarter.

Commenting on the performance, Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank said: "The second quarter of FY 2018-19 continues to be promising with advances growing YoY by 51% and CASA ratio of 36.9%. We expect the momentum to continue in second half of FY 2018-19".

At 03:15 PM; Bandhan Bank was trading 6% higher at Rs 513 on the BSE, as compared to 1.34% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 5.3 million equity shares changed hands on the NSE and BSE so far.

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