On Thursday, new-age Bandhan Bank reported its second quarterly earnings for FY20 with net profit nearly doubled to Rs. 972 crore, a whopping jump of 99.18% y-o-y. In the corresponding quarter a year-ago, the bank reported net profit of Rs. 488 crore.
Operating profit for the quarter ended September of FY20 increased by 49.66% to Rs 1,308 crore in comparison to Rs. 874 crore during the corresponding period of the previous year.
NII at the bank also surged by 41.84% y-o-y to Rs. 1,529 crore in comparison to Rs. 1,078 crore in Q2FY19.
NIM at the bank came in at 8.2% as against 10.2% in the same quarter in FY19.
In sequential terms, gross NPAs declined marginally from 2.02% to 1.76%, while net NPAs remained at 0.56%.
Non-interest income registered growth of 56.96% year-on-year to Rs. 361 crore while it stood at Rs. 230 crore in September quarter of FY19.
"Our performance this quarter has been good. There has been strong growth in deposits and advances with record growth in profits. As we step into the second half of the financial year, we feel more confident given our current performance," said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.
The deposits at the bank also witnessed growth by 49.26% to to Rs 49,195 crore in the September quarter against Rs 32,959 crore as on September 30, 2018.
"Having completed the merger in record time, we now look forward to enhancing the housing loan business with the expertise of the well-experienced team and the well-tested model coupled with our large distribution network and customer base," Ghosh added.