Bandhan Bank on Friday reported a profit of Rs 721.05 crore during the first quarter of FY24, down 18.7 per cent in comparison to Rs 886.50 crore during the same period last year, missing estimates. It posted NII during the quarter at Rs 2,490.8 crore as compared to Rs 2,514 crore during Q1FY23. According to CNBC TV18 estimates, the private sector bank was expected to post the fiscal fourth quarter profit at Rs 741.4 crore and NII at Rs 2,572.9 crore.
Total interest earned during the quarter was at Rs 4,522.91 crore, up 11.5 per cent as against Rs 4,055.39 crore in Q1FY23. Bandhan Bank clocked a total income of Rs 4908.03 crore during the quarter whereas total expenditure during the period was at Rs 3345.73 crore.
In terms of segment wise revenue, the treasury segment posted revenue at Rs 637.85 crore, retail banking revenue was at Rs 3,968.27 crore, and the wholesale banking segment posted revenue of Rs 350.03 crore.
“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 and expansion over the last few quarters will surely improve the performance of the bank,” said Chandra Shekhar Ghosh, Managing Director and CEO, Bandhan Bank.
There was some improvement on the asset quality front with gross NPA falling to 6.76 per cent against 7.25 per cent a year ago. Net NPA, meanwhile, stood at 2.18 per cent against 1.92 per cent as on June 30, 2022. Provisions for loans fell 6 per cent on-year to Rs 602 crore for the first quarter. Bandhan Bank posted loan portfolio growth of 6.7 per cent on-year at Rs 1.03 lakh crore. CASA deposits, it said, was at Rs 39,077 crore, with CASA ratio at a healthy 36 per cent. Deposits grew 16.6 per cent YoY at Rs 1.08 lakh crore.
Further, Bandhan Bank stated that it has added nearly 7 lakh customers in the quarter and the total number of customers was at 3.07 crore, with banking outlets as on June 30, 2023, at 6,140. “The network consists of 1,542 branches and 4,598 banking units. During the quarter, the number of employees of the bank has gone above 72,000,” it said.
