Bandhan Bank's Q3 net profit jumps threefold to Rs. 733cr
Bandhan Bank has announced a remarkable 152.06% increase in net profit, reaching Rs. 732.7 crore for the third quarter ending December 31, 2023. This is almost a three-fold leap from the Rs. 290.6 crore net profit recorded during the same period last year. Chandra Shekhar Ghosh, the bank's CEO, expressed enthusiasm about growth across various business segments, noting that the bank has shown stability in key performance indicators despite challenging operating conditions.
Loan portfolio and deposits grow
The bank's loan portfolio has grown by 18.6% YoY, reaching Rs. 1.16 lakh crore. Retail loans, excluding housing finance, increased by 70% YoY, while commercial banking and housing finance books grew by 60% and over 6% YoY, respectively. Total deposits rose by 14.8% YoY to Rs. 1.17 lakh crore, surpassing the industry average growth. CASA deposits reached Rs. 42,413 crore, with a healthy ratio of 36.1% in Q3 of FY24. Collection efficiency remained steady at 98% for December 2023 quarter.
Key performance indicators and customer growth
Bandhan Bank's provision coverage ratio (PCR) stands at 70% as of December 31, 2023. The net interest margin (NIM) percentage improved to 7.2%, up from 6.5% YoY. Return on Assets (ROA) and Return on Equity (ROE) for Q3 of FY24 are at 1.9% and 14%, respectively. The bank added 9,00,000 customers during the quarter, bringing total customer count to 3.26 crore. The stock closed at Rs. 216.65 today on the National Stock Exchange, recording a 1.17% rise.
