Bandhan Bank on Wednesday announced its financial results for the second quarter of the financial year 2023-24 where it said its retail loan book grew at a healthy 81% further strengthening the Banks portfolio diversification agenda.
The Banks share of retail to total deposits now stands at 74%. In the same period, the total business has grown to nearly Rs.2.20 lakh crore.
Driven by its expansion in distribution and favourable operating environment, the Bank witnessed encouraging growth in the quarter.
As part of its network expansion plan, Bandhan Bank expanded its presence to the union territory of Ladakh with the opening of a branch in Leh.
This marks Bandhan Banks entry into 35th of the 36 states and union territories in the country. During the quarter, the Bank opened 80 branches across the country.
The Bank now serves more than 3.17 crore customers through more than 6,200 banking outlets in India. The total number of employees working at Bandhan Bank stands at above 74,000.
During the second quarter of FY24, the Banks deposit book grew over 12.8% over the corresponding quarter of the previous year. The total deposits now stand at Rs.1.12 lakh crore.
The current account and savings account (CASA) ratio now stands at 38.5% of the overall deposit book.
The total advances are now at Rs.1.08 lakh crores. Capital Adequacy Ratio (CAR), an indicator of the stability of the Bank, is at 19.2%, much higher than the regulatory requirement.
Speaking on the results, Chandra Shekhar Ghosh, MD CEO, said, The performance in the second quarter of the financial year has been encouraging for the bank. In line with Banks diversification agenda, it is focusing on further augmenting its retail banking portfolio. With all the new business lines initiated over the last few quarters and technology transformation undertaken by the bank, we are confident of a good run in the rest of this financial year.
