Bandhan Bank Registers Strong Business Growth In Q2FY23

Kolkata: Bandhan Bank announced its financial results for the second quarter of the financial year 2022-23. The Bank continued to witness strong business growth, as the operating environment continued becoming more favorable.

The Bank’s total business (deposits and advances) grew 19.5% year-on-year to reach around Rs.1,95,200croreas on September 30, 2022. The Bank serves 2.77crore customers through 5646banking outlets across 34 of the 36 states and union territories in India. The total number of employees working at Bandhan Bank stands at 64,000.

During the quarter second of the current financial year, the Bank’s deposit book grew 21% over the corresponding quarter of the previous year. The total deposits now stand at Rs.99,365 crore. In this period, the Bank’s retail deposit book showed substantial growth and grew7% year-on-year to Rs. 73,660 crore.

The current account and savings account (CASA) book grew by 11% year-on-year, and the CASA ratio now stands at 40.8% of the overall deposit book. With respect to advances, the bank saw 18% growth over the corresponding quarter of the previous year. The total advances are now at Rs. 95,835crore.

Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at19.4%, much higher than the regulatory requirement.

Bandhan Bank is planning to open more than 550 new branches across India, in this financial year. The Bank is also growing its portfolio in areas like SME Loans, Gold Loans, Personal Loans and Auto Loans among other product ranges.

Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “It has been a good second quarter for the Bank as we registered strong year-on-year growth. While we expand our distribution and also the product suite, we are fully equipped to serve the banking needs of Indians across the nation. We have been fortunate to earn the trust of crores of Indians and will continue to serve them.”