Dream debut: Bandhan Bank earns Rs 275 cr profit
With a net profit of Rs 275.25 crore in seven months after starting its operation from August 2015, Bandhan Bank has set up several “Small Format Branches” to help the people from the grassroot level to reach a bank easily.
Each of the Small Format Branches is comprised on three officials and those were set up considering people still feel comfortable and safe undertaking monetary transactions only after visiting a branch of a bank instead of going for online transactions. Thus setting up of these branches within a locality helps people reaching a branch within a short time.
Chandra Shekhar Ghosh, Managing director and Chief Executive Officer of Bandhan Bank, said: “The Small Format Branches had received an immense response and 21 such branches were being set up in different parts of the Kolkata and other parts of the state as well.” Such branches had come up at places including Ghola, Amtala and Memari. The expenditure to set up such branches is also not much. It just needs an expenditure of around Rs 5 to Rs 10 lakh, which is needed to set up an ATM counter.
The bank had registered a net profit of Rs 275.25 crore from September 2015 to March 2016. Around 30 per cent growth in the credit and deposit growth of the bank is expected in 2016-17 financial year.
When the total income of the bank is Rs 1082.71 crore in the seven months in 2015-16 fiscal, the net interest income is Rs 932.72 crore and the non-interest income is Rs 149.99 crore. The Current Account and Savings Account balance of the bank stood at Rs 2605.59 crore which is 21.55 per cent of the total deposits.
The bank’s gross advances was Rs 15493.97 crore while the deposits and net worth stood at Rs 12088.75 crore and Rs 3334.5 crore respectively. Till March 2016, the total number of deposit customers of the bank is 8.4 millions. At present, Bandhan Bank is having 670 branches, 2022 Doorstep Service Centres and 234 ATMs.