July 18, 2018 / 7:40 AM / 4 months ago

India's Bandhan Bank Q1 profit surges on higher interest income

July 18 (Reuters) - India’s Bandhan Bank Ltd posted a 47 percent surge in its quarterly profit on Wednesday, helped by higher interest income.

Net profit was 4.82 billion rupees ($70.32 million) in the first quarter ended June 30, compared with 3.27 billion rupees a year ago, the Kolkata-based bank, which started as a micro-finance firm, said in a statement here

Gross bad loans as a percentage of total loans stood at 1.26 percent at end-June, compared with 1.25 percent in the previous quarter and 0.93 percent a year earlier.

Interest earned during the quarter was up about 35 percent. ($1 = 68.5400 Indian rupees) (Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu)

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