Bandhan Bank on Friday reported a net profit of Rs 886.5 crore for the quarter ended June 30, up 137 per cent from the year-ago figures but down 53.4 per cent sequentially compared with Q4FY22.

A combination of a lean quarter in terms of sequential growth in microfinance books, coupled with mark-to-market losses on treasury book leading to a fall in non-interest income has led to a sequential drop in profit.

The bank’s total income during the quarter at Rs 2,844.1 crore was up 4.1 per cent from a year ago but also down sequentially 18.8 per cent compared with the fourth quarter of FY22. Gross non-performing assets during the quarter were at 7.25 per cent, lower than 8.18 per cent in Q1FY22, but sequentially up from 6.46 per cent in Q4FY22. “The first quarter of the financial year is a lean period for the industry. Therefore, the quarter-on-quarter comparison shows a dip,” said Chandra Shekhar Ghosh, managing director and CEO, Bandhan Bank.