Bandhan Bank on Friday reported net profit at Rs 712 crore for the first quarter of FY24 as against CNBC-TV18 poll of Rs 761.4 crore. In the first quarter of FY23, the lender had reported profit at Rs 886.5 percent. The net interest margin for the quarter was flat at 7.3 percent. The net interest income (NII) for first quarter of FY24 was reported at Rs 2,490.8 as against Rs 2,514.4 crore year-on-year (YoY).

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CNBC-TV18 poll had estimated NII to come at Rs 2,572.9 crore.

Bandhan Bank's Current Accounts Savings Account (CASA) deposits stood at Rs 39,077 crore, while gross non-performing asset as on June 30, 2023, improved to 6.76 percent against 7.25 percent as on June 30, 2022. The net NPAs as on June 30, 2023, stood at 2.18 percent against 1.92 percent as on June 30, 2022, the bank said in its regulatory filing.

The Capital Adequacy Ratio (CRAR) for the quarter stood at 19.8 percent. • The loan portfolio (on book + off book + TLTRO + PTC) grew 6.7 percent YoY at Rs 1.03 lakh crore. The total credit cost as on June 30, 2023 was 2.4 percent compared 2.7 percent as on June 30, 2022, the bank said.

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said, “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 & expansion over the last few quarters will surely improve the performance of the bank”.

Bank has added nearly 7 lakh customers in the current quarter and the total number of customers stands at 3.07 crore. Banking outlets as on June 30, 2023, stood 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.

Earlier this month, the lender reported a weak business update in the first quarter. The lender's loan growth moderated and recoveries fell sequentially in the quarter ended June. The total advances rose 6.7 percent year-on-year (YoY), however, it fell 5.5 percent quarter-on-quarter (QoQ). The Current Account and Savings Account (CASA) deposits of the bank were down 8 percent QoQ, and 2.8 percent YoY at Rs 39,076 crore, while its CASA ratio stood at 36 percent versus 39.3 percent QoQ, and 43.2 percent YoY.

In another development, the bank's CFO Sunil Samdani resigned from the post to explore professional opportunities outside the bank. Samdani's last working day as the CFO and key managerial personnel of the bank would be September 30, 2023, the bank said.

Now, the lender is in the process of identifying a suitable candidate for the office of CFO and KMP, and the said appointment would be informed to the stock exchanges in due course.

First Published:Jul 14, 2023 12:28 PM IST