Bandhan Bank Q1 net rises by 35% to ₹ 327 cr
Bandhan Bank is all set to cross-sell its general insurance products and mutual fund through its 50 odd branches before Puja this year.
Bandhan Bank will initially start with such third party offerings across its metro and urban branches but the products will also be rolled out across the semi urban and rural areas as well. The services will be available in 100 more branches through various stages.
Managing Director and the Chief Executive Officer, Bandhan Bank, Chandra Shekhar Ghosh said: "metro and urban customers will be out targets in initial days and we will take the products to others markets apart from the Metro cities depending on the response of the customers.
During the first quarter of this year, the bank has made a profit of Rs 327 crore with a 35 per cent growth. If this trend continues the profit may reach to 40-45 per cent during the later part of the year, Ghosh said. Ghosh also said that the unrest in Darjeeling had affected the business for various banks as the branches remained shut. Nonperforming Asset (NPA) of the bank has been increased due to the prolonged unrest in Darjeeling, Ghosh maintained. Bandan bank has two branches in Darjeeling and 11 micro credit offices.
Ghosh also said that non-realization of agricultural loans also contributed to the increase of NPA not only in Bengal but also in other states like Uttar Pradesh, Madhya Pradesh and Maharashtra.
The Bandhan Bank will also increase the number of customers who could get bank loan in the MSME sector by the bank. It has been found that in 90 per cent cases people do not get bank loan for start u business. Bandhan Bank has already given loans to 61,000 people. A total amount of Rs 1020 crore has been disbursed by the bank in the MSME sector. The process has been started to disburse more loans in the MSME sector from the 100 assent centers, Ghosh said.
The bank already has 840 branches across the country and is planning to open nearly 150 more by the end of 2018 with a customer base standing at 1.07 crore.