Bandhan Bank announced its financial results for the quarter ended June 30, 2024, reporting a net profit of Rs 1,063 crore. This marks a significant 47 per cent increase compared to Rs 721 crore in the same quarter last year.
The bank’s total deposits saw a robust growth of 23 per cent year-on-year, reaching Rs 1.33 lakh crore by the end of June 2024. The Current Account Savings Account (CASA) deposits grew by 14 per cent YoY, though sequential growth was slightly impacted due to a reduction from the short-term CA balance of the previous quarter. The CASA ratio now stands at 33.4 percent.
Also read: Bandhan Bank names Ratan Kumar Kesh as Interim MD & CEO
Total advances for the bank increased by 22 per cent YoY, amounting to Rs 1.26 lakh crore for the quarter. The net interest income (NII) for Q1 FY25 rose by 21 per cent to Rs 3,005 crore from Rs 2,491 crore in the same period last year. Additionally, the net interest margin (NIM) for the quarter stood at 7.6 per cent, compared to 7.3 per cent last year.
Bandhan Bank reported a stable asset quality, with the gross non-performing asset (NPA) ratio improving to 4.23 per cent from 6.76 per cent last year. Similarly, the net NPA ratio decreased to 1.15 per cent from 2.18 per cent last year.
In executive updates, the bank appointed Ratan Kumar Kesh as the interim Managing Director and CEO on July 3. He will serve as the interim MD & CEO for three months or until a new incumbent takes charge, whichever comes first.
