Bandhan Bank Q2 Results: PAT Rises 245% YoY To Rs 721 Cr, NII Up Over 11%

At a meeting held in Kolkata today, the Board of Directors of Bandhan Bank Ltd. approved its financial results for the quarter ended September 30, 2023. The bank's profit after tax (PAT) jumped by 245% YoY to Rs 721 crore in Q2FY24 from Rs 209 crore in Q2FY23. The bank's Net Interest Income (NII) improved to Rs 2,443 crore in Q2 FY24 from Rs 2,193 crore in Q2 FY23, and its NIM was 7.2% during the quarter under review compared to 7.0% in the year-ago quarter.

According to Bandhan Bank, its GNPA was 7.3% as of September 30, 2023, compared to 7.2% as of September 30, 2022. For the second quarter of FY24, the bank's ROA and ROE (annualised) were 1.9% and 14%, respectively. With H1 FY24 profits included, its CRAR is now 20.6%, up from 20.5% QoQ. The bank reported that as of September 30, 2023, its PCR was 70%, up from 69.2% in Q1 FY24. Its total deposits currently stand at Rs. 1.12 lakh crore, up 12.8% YoY, slightly above the industry average growth. The bank's CASA deposits are at Rs 43,196 crore in Q2 FY24, and the CASA ratio rises to 38.5% from 36% in Q1 FY24.

The bank said that its loan portfolio has grown by 12.3% YoY to Rs 1.08 lakh crore in Q2FY24. Retail Loan books apart from housing finance books climbed by 80% YoY, Commercial Banking books expanded by 65%, and housing Finance books surged by 4%.

Mr. Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said: "The performance in this quarter is encouraging for the bank. We have successfully completed a significant IT transformation project which will not only boost customer experience but also our capabilities, resulting in further growth. The Bank has also made significant progress in diversifying its asset book geographically as well as in terms of product mix. We are already seeing signs of uptick in growth and are confident that the Bank is on the expected growth trajectory."

The number of customers at Bandhan Bank went up by around 10 lakh in the quarter under review, bringing the total to 3.17 crore. On September 30, 2023, there were more than 6,200 banking sites. There are 4,598 banking units and 1,621 branches in the network. During the quarter, the number of employees of the bank has gone above 74,000, as per a stock exchange filing filed by Bandhan Bank on Wednesday.

The appointment of Mr. Abhijit Ghosh, Head of Finance & Accounts of the bank, as Interim CFO and Key Managerial Personnel of the bank, with effect from Friday, October 20, 2023, until the time a new CFO is appointed by the Board, was also approved by the Board at its meeting held today, i.e., Wednesday, October 18, 2023.