Bandhan Bank's net profit up over 47 per cent in Q1 FY2018-19

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said, "The start of FY 2018-19 has been promising with advances growing year on year by 52 per cent, overcoming the seasonality, which we normally witness during the first quarter. We will strive to maintain the growth and quality of assets during this financial year."

The company also reported that its Loan portfolio (on book + off book) grew 52 per cent year on year (Y-o-Y) at Rs 32,590 crore, deposit portfolio grew 37 per cent Y-o-Y at Rs 30,703 crore and CASA grew 84 per cent Y-o-Y at Rs. 10,887 crore.

The bank said that it added 6.35 lakh customers; its total customer base stands at 13.65 million.

The company said that its Income from PSLC of Rs 2.56 billion is to be recognised over four quarters; hence it booked Rs 0.64 billion in Q1 FY18-19.

As MTM losses of Rs 0.87 billion is to be amortised over four quarters, hence the company booked Rs 0.22 billion in Q1 FY18-19.

GNPA as on June 30, 2018 stood at 1.26 per cent against 1.25 per cent as on March 31, 2018 and 0.93 per cent in Q1FY18.

Capital Adequacy Ratio (CRAR) was at 32.61%; Tier I at 31.43%.

For the quarter ended June 30, 2018, the company said that its Net Interest Income (NII) for the quarter grew by 39.5 per cent at Rs 1,037 crore as against Rs 743 crore in the corresponding quarter of the previous year.

The bank's Non-interest income grew by 72.75 per cent at Rs 211 crore for the quarter ended June 30, 2018 against Rs 122 crore in the corresponding quarter of the previous year.

Operating Profit for the quarter increased by 47.34 per cent at Rs 821 crore against Rs 557 crore in the corresponding quarter of the previous year.

The company said that its Net Profit for the quarter grew by 47.51 per cent at Rs 482 crore against Rs 327 crore in the corresponding quarter of the previous year.

Net Interest Margin (NIM) for the current quarter stands at 10.27 per cent against 10.75 per cent in the corresponding quarter of the previous year and 9.69 per cent for FY 2017-18.

CASA ratio stood at 35.46 per cent of total deposit, compared to 26.33 per cent in the corresponding period last year, the bank said in its report.

CASA grew 84.28 per cent Y-o-Y at Rs 10,887 crore compared to Rs 5,908 crore.

Total Advances (on book + off book) increased by 52.37 per cent at Rs 32,590 crore as on June 30, 2018 against Rs 21,389 crore as on June 30, 2017.

Total Deposits grew by 36.83 per cent as on June 30, 2018 is at Rs 30,703 crore as compared to Rs 22,439 crore on June 30,2017.

Gross NPAs as on June 30, 2018 stood at 1.26 per cent against 1.25 per cent as on March 31, 2018. while Net NPAs stood at 0.64 per cent against 0.58 per cent as on March 31, 2018.

During the quarter, the bank reported that its share of non-micro advances to total advances increased to 14 per cent from 9 per cent in the corresponding period last year.

Total banking outlets as on June 30, 2018, stood at 3,701.

Bandhan Bank's network consists of 937 branches and 2,764 doorstep service centers.

The number of employees of the bank has gone up to 28,826.

Bandhan Bank is the first instance in India of a microfinance entity transforming into a universal bank. It received the 'in-principle' approval from the Reserve Bank of India in April 2014 and the banking regulator's final nod came on June 17, 2015.

Bandhan Bank commenced its operations on August 23, 2015, with 501 branches, 2,022 Door Step Service Centers (DSCs) and 50 ATMs across 24 Indian states.

(Images by Avishek Mitra)