Bandhan Bank Hits Upper Circuit After Q1 Profit Jumps
The net interest income rose 21% to Rs 3,005 crore in the June quarter.
Shares of Bandhan Bank Ltd. hit an upper circuit of 10% on Monday as the company's net profit grew 47%.
The private bank posted a profit of Rs 1,063 crore in the June quarter. Its net interest income also rose 21% to Rs 3,005 crore during the period.
Bandhan Bank Q1 Earnings Highlights (Standalone)
NII rose 21% to Rs 3,005 crore versus Rs 2,491 crore (YoY).
Gross NPA at 4.23% versus 3.84% (QoQ).
Net NPA at 1.15% versus 1.11% (QoQ).
Net profit rose 48% at Rs 1,063 crore versus Rs 721 crore (YoY).
Bandhan Bank Q1 Results Review: Rising Stress In MFI Poses Risk, New CEO Appointment Awaited
On the NSE, shares of Bandhan Bank hit the 10% upper circuit and rose to Rs 211.75, the highest since July 4. It remained locked in the upper circuit as of 09:46 a.m., compared to 0.30% advance in the NSE Nifty 50.
The scrip declined 5.21% in the last 12 months, and 12.28% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 61.98.
Out of 26 analysts tracking the company, 12 maintain a 'buy' rating, eight recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.1%.
