(20 second reading) Private sector lender Bandhan Bank reported a steep decline of over 93 percent in its net profit, which fell to Rs 54.63 crore in the January-March quarter (Q4) of the financial year 2023-24.
During this quarter, the bank prudently wrote off loans totalling Rs 3,852 crore in line with its policy while provisions and contingencies also jumped to Rs 1,774 crore from Rs 735 crore in the year-ago period, leading to the fall in PAT.
The Banks net revenue for Q4 FY24 increased by 15 percent to Rs 3,560 crore, up from Rs 3,101 crore in Q4 FY23.
The Board of Directors recommended a dividend of Rs 1.50 per equity share of Rs 10 for the year ending March 31, 2024.