Bandhan Bank on Friday reported 32 percent decline in net profit at Rs 373.10 crore for June quarter 2021-22 as provisions for bad loans spiked.
The bank had posted a net profit of Rs 549.80 crore in the same quarter a year ago.
Total income however was up 20.4 percent at Rs 2,647.50 crore in the quarter as against Rs 2,198.30 crore in the year-ago period, the bank said in a regulatory filing.
Bank's gross non-performing assets (NPAs) spiked to 8.2 percent of gross advances as of June 30, 2021 from 1.4 percent by June 2020.
Net NPAs (or bad loans) also jumped to 3.3 percent from 0.5 percent.
Provisions for bad loans and contingencies rose to Rs 1,374.87 crore in the quarter from Rs 849.06 crore parked aside in the year-ago period.Bandhan Bank stock settled 0.43 percent up at Rs 291.30 on BSE.