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Bandhan Bank Q3FY24: Net profit jumps 152% YoY to Rs 737 cr

Bandhan Bank Q3FY24: Net profit jumps 152% YoY to Rs 737 cr

| @indiablooms | 10 Feb 2024, 02:37 am

Bandhan Bank on Friday reported impressive earnings for the quarter ended December 31, 2023, with the net profit surging by around 152% year-on-year (YoY) to Rs 737 crore compared to Rs 290.6 crore in Q3 FY23.

Net interest income, the difference between interest earned and interest expended, grew by 21.4% YoY to Rs 2,525 crore.

The bank said its total business grew by 17 percent to Rs 2.33 lakh crore.

Its share of retail to total deposits stood at 71 percent. The encouraging growth witnessed in the quarter has been driven by its expansion in distribution and the favourable operating environment. During the quarter, the Bank opened 26 branches across the country.

The bank now serves more than 3.26 crore customers through more than 6,250 banking outlets in India. The total number of employees working at the Bank is now more than 75,000.

During the third quarter of FY24, the bank’s deposit book grew by 15% over the corresponding quarter of the previous year.

The total deposit book stood at Rs.1.17 lakh crore, while total advances are at Rs 1.16 lakh crore. The current account and savings account (CASA) ratio is a healthy 36.1% of the overall deposit book.

Capital Adequacy Ratio (CAR), an indicator of the stability of the bank, is at 19.8%, much higher than the regulatory requirement.

Speaking on the results, Chandra Shekhar Ghosh, MD and CEO, said, "The third quarter has always been a growth phase for the Bank over the years. In the beginning of the quarter, the Bank underwent a Core Banking System (CBS) migration.

"With the new system, we are confident of a further boost in the growth of business. We will also continue to actively evaluate distribution expansion opportunities to reach out to a larger population across the nation," he said.

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