Bandhan Bank reports 19% y-o-y decline in Q1FY24 Net Profit at Rs 721 crore

17 Jul 2023 , 09:39 AM

Bandhan Bank recorded a net profit of Rs 721 crore for the April-June 2023 quarter, down by 19% y-o-y from Rs 886 crore in the same period last year.

The bank’s gross non-performing asset (GNPA) ratio fell to 6.76% from 7.25% in the previous year.

Bandhan Bank’s net NPA was at 2.18%, up from 1.92% in the same period last year.

Bandhan Bank’s Managing Director and CEO, Chandra Shekhar Ghosh, said that the bank’s performance this quarter suggests that it is on a solid growth path.

The bank’s commercial banking book increased by 78% y-o-y. Retail loan books other than housing finance increased by 86.5%, while housing finance increased by 9.5%.

Bandhan Bank said that it added approximately 7 lakh new customers in the current quarter, bringing its total customer base to 3.07 crore. As of June 30, 2023, there were 6,140 banking outlets. The bank’s network includes 1,542 branches and 4,598 banking units.

At around 9.31 AM, Bandhan Bank was trading 1.35% lower at Rs 218.60, against the previous close of Rs 221.60 on NSE. The counter opened at Rs 219.50.

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