Kolkata: The city-headquartered Bandhan Bank has registered 47.51 per cent growth in its net profit in the first quarter of 2018-19 fiscal year as against the corresponding period last year.
However, notwithstanding the rise in profit, the bank’s non-performing asset (NPA) is on the rise.
Gross NPA at the end of this June stands at 1.26 per cent from what was 1.25 per cent at the end of the fiscal year 2017-18. In monetary terms, Bandhan Bank’s NPA was Rs 373-crore in March 2018; now it is Rs 388-crore.
But the bank’s managing director and CEO Chandra Shekhar Ghosh says that he doesn’t see this as a cause for major worry.
“Definitely we will like to keep the NPA lower but this is only the first quarter and we are hoping to be able to reduce the NPA when this fiscal year ends,” he said while announcing the bank’s quarterly results in Kolkata today.
Ghosh said that in the Q1 ending June, the bank’s net profit has grown by Rs 482-crore as against the Rs 327-crore profit that was registered in Q1 last year. “This shows that despite being barely three years old, we are enjoying the trust of a growing number of customers.”
He said that to cater to the increasing number of customers, Bandhan has plans to take the number of branches to 1,000 by March 2019 from the 937 now. “Alongside microcredit which is our strength, we will now focus on extending credit to MSME sector and affordable housing sector,” Ghosh said.