Kolkata-based Bandhan Bank Ltd. announced its Q1 FY24 financial results on July 14, 2023. In a meeting held today, the Board of Directors approved the results, which have undergone a “Limited Review” by the bank’s statutory auditors.

For the quarter ending June 30, 2023, Bandhan Bank’s profit after tax (PAT) stood at ₹721 crore. The bank’s deposits experienced a growth of 16.6% year on year (YoY), reaching ₹1.08 lakh crore. In addition, the bank’s loan portfolio (including on-book, off-book, TLTRO, and PTC) grew by 6.7% YoY, totaling ₹1.03 lakh crore.

Total credit cost as of June 30, 2023, was 2.4%, a decrease from 2.7% on the same date in 2022. Current account and savings account (CASA) deposits were ₹39,077 crore, with a healthy CASA ratio of 36%.

Gross non-performing assets (GNPA) improved to 6.76% as of June 30, 2023, compared to 7.25% on the same date the previous year. However, net NPAs saw a slight increase, from 1.92% on June 30, 2022, to 2.18% on June 30, 2023.

Net interest income for Q1 FY24 was ₹2491 crore, slightly lower than the ₹2514 crore in Q1 FY23. The bank’s provision coverage ratio (PCR) was 69.2%, and the capital adequacy ratio (CRAR), including profit, was at a solid 20.5%.

In the quarter’s highlights, the commercial banking book saw a substantial growth of 78% YoY. Retail loan books, excluding housing finance, grew by an impressive 86.5%. The housing finance book expanded by 9.5%.

Regarding the bank’s performance, Managing Director and CEO Mr. Chandra Shekhar Ghosh commented, “This quarter’s performance indicates that the bank is on a stable growth path. The Bank has also made significant progress in diversifying its asset book. Our investment in people, Technology, IT & expansion over the last few quarters will surely improve the performance of the bank.”

The bank added nearly 700,000 customers in the current quarter, bringing its total customer count to 3.07 crore. As of June 30, 2023, the bank operated 6,140 banking outlets, including 1,542 branches and 4,598 banking units. Over the quarter, the bank’s staff strength has risen above 72,000.

  Bandhan Bank, Banking industry news, Chandra Shekhar Ghosh, India, Kolkata