Bandhan Bank's net profit jumps 138 percent to touch Rs 886.5 crore in Q1 Fy23

The profit increased sharply from Rs 373.1 crore registered in the corresponding period of the previous fiscal year to Rs 886.5 crore recorded in the quarter that ended in June.

The bank’s total business (deposits and advances) grew 20.3 percent year-on-year to reach around Rs. 1,89,707 crore as on June 30, 2022.

During the first quarter of the current financial year, the bank’s deposit book grew 20 percent over the corresponding quarter of the previous year.

The total deposits now stand at Rs. 93,057 crore.

In this period, the bank’s retail deposit book showed a substantial growth and grew 14.14 percent year-on-year to Rs. 72,950 crore.

The current account and savings account (CASA) book grew by 21 percent year-on-year, and the CASA ratio now stands at 43.2 percent of the overall deposit book.

With respect to advances, the bank saw 20.3 percent growth over the corresponding quarter of the previous year.

The total advances are now at Rs. 96,650 crore.

Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at 19.4 percent, much higher than the regulatory requirement.

Speaking at a press conference in Kolkata about the outlook for the rest of the year, Chandra Shekhar Ghosh, MD, Bandhan Bank, said: "Economic activity, as we all can see, is peeking up and business is becoming normal across the country."

“It has been a good first quarter for the Bank as we registered strong year-on-year growth. While we expand our distribution and also the product suite, we are fully equipped to serve the banking needs of Indians across the nation," he said.

The Bank serves 2.69 crore customers through 5640 banking outlets across 34 of the 36 states and union territories in India.

The total number of employees working at Bandhan Bank stands at 61,247.

(Reporting by Supriyo Hazra)