November 04, 2024 23:39 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | PM Modi slams INDIA block for its silence over Sena UBT leader's sexist remark against Shaina NC | PDP member brings anti-Article 370 resolution in J&K assembly; BJP resists, CM Abdullah says only govt can do it | Deeply disappointing: Indian High Commission reacts to 'Khalistani' attack on Hindus at Canada temple
Bandhan Bank reports net profit up 244% YoY at Rs. 721 crore for second quarter
Bandhan Bank

Bandhan Bank reports net profit up 244% YoY at Rs. 721 crore for second quarter

| @indiablooms | 18 Oct 2023, 11:23 pm

Kolkata/IBNS: Bandhan Bank Wednesday announced its financial results for the second quarter of the financial year 2023-24. The bank’s retail loan book grew at a healthy 80% further strengthening its portfolio diversification agenda.

The bank's share of retail to total deposits now stands at 74%. In the same period, the total business has grown to nearly Rs.2.20 lakh crore. Driven by its expansion in distribution and favourable operating environment, the Bank witnessed encouraging growth in the quarter.

As part of its network expansion plan, Bandhan Bank expanded its presence to the union territory of Ladakh with the opening of a branch in Leh. This marks Bandhan Bank’s entry into 35th of the 36 states and union territories in the country.

During the quarter, the bank opened 80 branches across the country. The bank now serves more than 3.17 crore customers through more than 6,200 banking outlets in India.

The total number of employees working at Bandhan Bank stands at above 74,000.

During the second quarter of FY24, the bank’s deposit book grew over 12.8% over the corresponding quarter of the previous year. The total deposits now stand at Rs.1.12 lakh crore. The current account and savings account (CASA) ratio now stands at 38.5% of the overall deposit book.

The total advances are now at Rs.1.08 lakh crores. Capital Adequacy Ratio (CAR), an indicator of the stability of the Bank, is at 19.2%, much higher than the regulatory requirement.

Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “The performance in the second quarter of the financial year has been encouraging for the bank. In line with the Bank's diversification agenda, it is focusing on further augmenting its retail banking portfolio. With all the new business lines initiated over the last few quarters and technology transformation undertaken by the bank, we are confident of a good run in the rest of this financial year.”

The bank is also growing its portfolio in verticals like SME Loans, Gold Loans, Personal Loans and Auto Loans among other product ranges. The bank last year started new verticals like Commercial Vehicle lending and Loan Against Property for businesses, among others, which will grow the book further in the next few quarters.

The bank has recently been authorised by the RBI for disbursement of central civil pension.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.