Tuesday 28 January 2020
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business-standard - 14 days ago

Bandhan Bank reports Q3 net profit at Rs 731 cr

Private sector lender Bandhan Bank on Tuesday reported a huge jump in net profit, including that of merged Gruh Finance, to Rs 731 crore for December 2019 quarter. Bandhan Bank had reported a post tax net of Rs 331.26 crore in the year ago period. However, the results are not comparable as the reported quarter includes the performance of gruh Finance, with which it merged in 2019. The microlender-turned-universal bank had to set aside Rs 200 crore as loan loss provisions after evaluating risks for its portfolio from in the restive North Eastern India. Over a tenth of the Kolkata-headquartered bank s overall book come from Assam, which has been witnessing a spate of protests by citizens over the passage of the amendments to Citizenship Act by both the Houses of Parliament. The bank s chief executive and managing director C S Ghosh hinted that this is a temporary phenomenon, which may last for up to two months, but explained that it has decided to be cautious by setting aside the ...

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