Bandhan Bank shares rallied 9.5% to an intra-day high of Rs 205.65 a day after the Reserve Bank of India cleared the approval of Partha Pratim Sengupta as the MD & CEO of the bank.
The approval is for a period of three years with effect from the date of taking charge, which shall not be later than November 10, 2024.
“The bank has received the acceptance of Mr Sengupta on October 09, 2024, and subsequent confirmation on October 10, 2024, that he will step down from his other engagements in compliance with the terms and conditions of the prior approval for the proposed appointment as MD & CEO of the bank,” said the company in an exchange filing.
Bandhan Bank’s Q2 Business Update
Also, the private lender’s total business rose by 24.6% to Rs 2,73,163 crore in the second quarter of the current financial year compared to Rs 2,19,712 crore in the similar previous period.
The bank’s loans and advances stood at Rs 1,30,652 crore, while deposits were recorded at Rs 1.42 lakh crore in the second quarter of the current financial year. The bank‘s collection efficiency ratio across all its business verticals in Q2 FY25 stood at 98.2%, as compared to 98.7% in the preceding quarter.
Nifty Vs Bandhan Bank
The stock of Bandhan Bank has risen 8.1% in the past five trading sessions. The banking stock has given a return of 5.42% in the past one month and almost 13% in the last six months. However, it has erased 17% of investors’ wealth in the last one year.
To compare, the benchmark index Nifty 50 has fallen 0.5%, however, the index has risen 0.14% in the past one month. The index has given a return of almost 11% in the last six months. The index has given a return of 26% in the past one year.