Total income jumped 18.4% to Rs 5,032.19 crore in the second quarter of FY24 from Rs 4,249.87 crore posted in Q2 FY23.

Net interest income (NII) grew by 11.4% year on year (YoY) to Rs 2,443 crore in Q2 FY24. Net interest margin (NIM) improved to 7.2% in Q2 FY24 as compared to 7% reported in the corresponding quarter previous year.

Operating profit rose marginally to Rs 1,583 crore in Q2 FY24 as against Rs 1553 crore posted in Q2 FY23. Provision (other than taxes) aggregated to Rs 636 crore, registering a de-growth of 50.31% YoY.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 7,873.83 crore as on 30 September 2023 as against Rs 6,853.85 crore as on 30 September 2022.

The ratio of gross NPAs to gross advances was at 7.32% as on 30 September 2023 as compared to 7.19% as on 30 September 2022.

The ratio of net NPA to net advances stood at 2.32% as on 30 September 2022 as agaisnt 1.86% as on 30 September 2022.

During Q2 FY24, total deposits stood at Rs 1.12 lakh crore, growing by 12.8% YoY, marginally better than the industry average growth. CASA to total deposit ratio was at 38.5% in Q2 FY24 as against 40.8% in Q2 FY23.

Capital Adequacy Ratio (CAR) was at 20.6% in Q2 FY24 as compared with 20.5% recorded in the same period last year.

The bank's return on assets (ROA) & return on equity (ROE) for Q2 FY24 stood at 1.9% and 14% respectively.

Meanwhile, the board has approved the appointment of Abhijit Ghosh, Head - Finance & Accounts of the bank, as the interim CFO and key managerial personnel of the bank, with effect from Friday,20 October 2023, till the time a new CFO is appointed by the board.

The bank said that the tenure of the current CFO would expire on 19 October 2023.

Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank, “We have successfully completed a significant IT transformation project which will not only boost customer experience but also our capabilities, resulting in further growth. The bank has also made significant progress in diversifying its asset book geographically as well as in terms of product mix. We are already seeing signs of uptick in growth and are confident that the Bank is on the expected growth trajectory.”

Bandhan Bank operates as a commercial bank. The banking outlets as on 30 September 2023, stood at more than 6,200. The network consists of 1,621 branches, and 4,598 banking units.

Shares of Bandhan Bank dropped 4.05% to Rs 228.35 on the BSE.