Bandhan Bank plummets ~4% on Q1 numbers; CFO resigns

5 Jul 2023 , 02:04 PM

Bandhan Bank shares fell nearly 4% to their lowest level in over two months on Wednesday after the company posted its result for the quarter ended March 2023.

Bandhan Bank said that loans and advances increased by 6.7% year-on-year to Rs 1.03 trillion. However, they will have shrunk by 5.5% over Rs 1.09 trillion by the end of March 2023.

The bank’s Current Account and Savings Account (CASA) Deposits were down 8% QoQ and 2.8% y-o-y to Rs 39,076 crore, while its CASA ratio was 36% versus 39.3% QoQ and 43.2% y-o-y.

According to a regulatory filing, pan-bank collection efficiency increased to 98% in Q1 from 96% in the previous year but fell sequentially from 99%.

Sunil Samdani, the bank’s CFO, resigned from his position to pursue professional opportunities outside the bank. The bank stated that Samdani’s will vacate his office as CFO and key management personnel on September 30, 2023.

The lender is currently in the process of identifying a suitable candidate for the positions of CFO and KMP, and the announcement will be made to the stock exchanges in due course.

At around 1.57 PM, Bandhan Bank was trading 3.55% lower at Rs 223.05, against the previous close of Rs 231.25 on NSE. The counter plunged as much as 8% in today’s trade.

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