Bandhan Bank on Friday reported a net profit of Rs 733 crore for the third quarter ended December 31 compared with Rs 291 crore a year ago, on account of lower provisions. In Q2FY24, net profit was Rs 721.16 crore, representing a sequential growth of 1.65 per cent in Q3FY24.

Net interest income during the quarter was Rs 2,525 crore against Rs 2,081 crore in Q3FY23, up 21 per cent. Net interest margin stood at 7.2 per cent against 6.5 per cent in Q3FY23 and was also flat sequentially at 7.2 per cent.

Non-interest income during the quarter was at Rs 545 crore, down from Rs 1,033 crore in the year-ago period, largely on account of lower treasury income.

Gross NPA was 7 per cent during the quarter, down from 7.2 per cent in Q3FY23. The bank saw fresh slippage of Rs 1,390 crore during the quarter while it sold off Rs 720 crore in the housing loan book to an asset reconstruction company.

Total provisions was Rs 684 crore compared with Rs 1,540 crore in the year ago period.

“The growth in this quarter across various segments of business is very encouraging. The bank has demonstrated stability across various key performance indicators despite a tough operating environment. With the recent core banking system migration and the new talent in the bank’s leadership, I am confident that we will continue the growth momentum,” said MD and CEO Chandra Shekhar Ghosh.

Emami PAT up 11%

Emami has reported an 11.88 per cent rise in consolidated profit after tax at Rs 260.65 crore for the December quarter, helped by improvement of margins due to reduced input costs. The company had logged a net profit of Rs 232.97 crore a year ago. Revenue from operations was up 1.38 per cent at Rs 996.32 crore against Rs 982.72 crore a year ago.