Shares of Bandhan Bank surged over 13 per cent in morning trade on Monday after the private sector firm posted a 47 per cent jump in its net profit to ₹1,063 crore for the June 2024 quarter due to a decline in bad loans.
The stock soared 11.97 per cent to ₹215.50 on the BSE. At the NSE, it jumped 13.35 per cent to ₹218.20.
The lender had earned a net profit of ₹721 crore in the year-ago period.
During the quarter, the bank’s total income increased to ₹6,063 crore against ₹4,908 crore a year ago, Bandhan Bank said in a regulatory filing on Friday.
Interest income grew to ₹5,536 crore during the period under review, from ₹4,523 crore in the corresponding quarter a year ago.
On the asset quality side, the bank’s Gross Non-Performing Assets (NPAs) improved to 4.23 per cent of gross advances as of June 30, 2024, from 6.76 per cent in the April-June quarter of the previous fiscal.
Net NPAs also declined to 1.15 per cent of the advances from 2.18 per cent a year ago.
As a result, provisions other than tax and contingencies declined to ₹523 crore against ₹602 crore earmarked during the same quarter a year ago.
