Bandhan Bank reported strong financial results for the first quarter of 2023-24, with a healthy 87% increase in retail loan books. The bank’s retail to total deposits share now stands at 71%. The bank tripled its branch presence in less than eight years and saw a total business of over Rs. 2.11 lakh crore. The growth was driven by expansion in distribution and favorable operating conditions.
Bandhan Bank’s total business grew 11% to Rs.2.11 lakh crore as of March 31, 2023. Serving 3.07 crore customers through 6140 outlets across 36 states and union territories, the bank employs over 72,000 employees. Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, stated that, “With all the new business lines initiated last year and this year, we are confident of a good run in the financial year ahead.”
The Bank’s deposit book grew 16% in Q1 of FY24, reaching Rs.1.08 lakh crore. The current account and savings account ratio increased to 36%. Advances saw 7% growth, reaching Rs.1.03 lakh crores. The Bank’s Capital Adequacy Ratio (CAR) reached 19.8%, exceeding regulatory requirements.
