Both the bottom line and net interest income (NII) for the quarter ending June 30, 2023 (Q1FY24) were below expectations for Bandhan Bank. PAT fell by 18.66% year over year to 721.05 crore. While NII in the reported quarter was $2,490.8 crore. The result this quarter shows that Bandhan Bank is on a steady growth path, according to Chandra Shekhar Ghosh, managing director and CEO of the bank.
In terms of diversifying its asset book, the Bank has also made great progress. The bank’s performance will undoubtedly improve as a result of our recent investments in IT, technology, and human capital.
Major Financials for Q1 FY24:
- At 1.08 lakh crore, deposits increased 16.6% year over year.
- Loan portfolio (on book plus off book plus TLTRO plus PTC) increased by 6.7% year over year to $1.03 lakh crore.
- The total cost of credit as of June 30, 2023 was 2.4%, down from 2.7% the previous year.
- CASA deposits are at 39,077 crore, and the CASA ratio is a strong 36%.
- As of June 30, 2023, the GNPA increased to 6.76% from 7.25% as of June 30, 2022.
- As of June 30, 2023, Net NPAs were 2.18% compared to 1.92% as of June 30, 2022.
- Net Interest Income decreased to 2491 crores in Q1 FY24 from 2514 crores in Q1 FY23.
- As of June 30, 2023, the PCR% was 69.2%.
- Tier I at 18.8%, Capital Adequacy Ratio (CRAR) at 19.8%, and CRAR (including profit) at 20.5%.
- NIM is 7.3% and constant QoQ.
- For the first quarter of FY24, ROA and ROE (annualized) are 1.9% and 14.4%, respectively.
The number of customers at the bank has increased by about 7 lakh in the most recent quarter, bringing the total to 3.07 crore. There were 6,140 banking locations as of June 30, 2023. There are 4,598 banking units and 1,542 branches in the network. The bank now employs more than 72,000 workers as of the end of the quarter. Shares of Bandhan Bank finished at 221.75 on the BSE, up 2.71%.
