New Delhi: Bandhan Bank's stocks rose more than 13 pc during Monday's morning trading session following a 47 pc increase in net profit to Rs 1,063 crore for the June 2024 quarter, attributed to a decrease in non-performing loans.
The stock surged by 11.97 percent to reach Rs 215.50 on the BSE. On the NSE, it surged by 13.35 percent to reach Rs 218.20.
In the previous year, the lender had made a net profit of Rs 721 crore. In its regulatory filing on Friday, Bandhan Bank reported that its total income rose to Rs 6,063 crore during the quarter, up from Rs 4,908 crore a year earlier.
During the period in question, interest earnings increased from Rs 4,523 crore to Rs 5,536 crore compared to the same quarter last year. The bank's Gross Non-Performing Assets (NPAs) decreased from 6.76 pc to 4.23 pc of gross advances as of June 30, 2024, showing improvement in asset quality compared to the previous fiscal's April-June quarter.
The percentage of Net NPAs decreased to 1.15 pc from 2.18 pc in the previous year. Consequently, non-tax and contingency provisions decreased to Rs 523 crore from Rs 602 crore set aside in the corresponding quarter last year.
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