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Bandhan Bank posts Q2 loss at Rs 3,008.6 crore as provisions spike, net interest income up 0.6%

During the quarter, the bank has made accelerated provision on NPA accounts of Rs 1,500 crore resulting in provision coverage ratio of 74 percent as against 62 percent in Q1FY22.

October 29, 2021 / 05:18 PM IST
 
 
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Private sector lender Bandhan Bank on October 29 posted a standalone loss of Rs 3,008.6 crore for the quarter ended September 2021, dented by a significant increase in provisions for bad loans and a fall in operating profit.

The bank had reported a profit of Rs 920 crore in the September 2020 quarter.

"During the quarter we have seen substantial recovery in collections as the second wave of COVID subsided. We have recognized the stress pool and proactively taken additional requisite provisions such as to meet any contingency requirements and to look forward to do business on a clean slate. This has resulted in loss for the quarter," said Chandra Shekhar Ghosh, Managing Director and CEO.

However, "it will help us to concentrate on fresh business growth and to concentrate towards achieving long term goals with renewed energy," he added.