Bandhan Bank announced its financial results for the first quarter of the financial year 2023-24. In line with the bank’s diversification agenda, the bank’s retail loan book grew at a healthy 87%. The Banks share of retail to total deposits now stands at 71%. In this quarter bank has achieved a landmark milestone of tripling its branch presence in less than 8 years of its presence. In the same period, the total business has grown to more than Rs. 2.11 lakh crore.
The Bank’s total business grew 11% year-on-year to reach Rs.2.11 lakh crore as on March 31, 2023. The Bank serves more than 3.07-crore customers through more than 6140 banking outlets across 34 of the 36 states and union territories in India. The total number of employees working at Bandhan Bank stands at above 72,000.
During the final first quarter of FY24, the Bank’s deposit book grew over 16% over the corresponding quarter of the previous year. The total deposits now stand at Rs.1.08 lakh crore. The current account and savings account (CASA) ratio now stands at 36% of the overall deposit book. With respect to advances, the bank saw around 7% growth over the corresponding quarter of the previous year. The total advances are now at Rs.1.03 lakh crores. Capital Adequacy Ratio is at 19.8%, much higher than the regulatory requirement.The Bank continues to expand its presence outside of the core markets of East and North East. The Bank is also growing its portfolio in verticals like SME Loans, Gold Loans, Personal Loans and Auto Loans among other product ranges.
