Bandhan Bank retail loan book grows 87%

Kolkata: Bandhan Bank on Friday announced its financial results for the first quarter of the financial year 2023-24. In line with the bank’s diversification agenda, the bank’s retail loan book grew at a healthy rate of 87 per cent. The Banks share of retail to total deposits now stands at 71 per cent. In this quarter bank has achieved a landmark milestone of tripling its branch presence in less than 8 years of its presence.

In the same period, the total business has grown to more than Rs 2.11 lakh crore. Driven by its expansion in distribution and favourable operating environment, the Bank witnessed balanced growth in the quarter.

The Bank’s total business (deposits and advances) grew 11 per cent year-on-year to reach Rs 2.11 lakh crore as on March 31, 2023. The Bank serves more than 3.07 crore customers through more than 6140 banking outlets across 34 of the 36 states and union territories in India. The total number of employees working at Bandhan Bank stands at above 72,000.

During the final first quarter of FY24, the Bank’s deposit book grew over 16 per cent over the corresponding quarter of the previous year. The total deposits now stand at Rs 1.08 lakh crore. The current account and savings account (CASA) ratio now stands at 36 per cent of the overall deposit book. With respect to advances, the bank saw around 7 per cent growth over the corresponding quarter of the previous year. The total advances are now at Rs 1.03 lakh crores. Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at 19.8 per cent, much higher than the regulatory requirement.

Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “First Quarter of the financial year is a very balanced quarter for the bank. In line with Bank’s diversification agenda, it is focusing on further increasing its retail banking portfolio. With all the new business lines initiated last year and this year, we are confident of a good run in the financial year ahead.”