Bandhan Bank announced its financial results for the final quarter of the financial year 2023-24. The bank’s total business grew by 20%, to close at Rs.2.60 lakh crore. The Bank’s share of retail to total deposits now stands at nearly 70%. The encouraging growth witnessed in the last quarter has been driven by its expansion in distribution, business efficiency and the favourable operating environment.
During the fourth quarter, the Bank opened 50 branches across the country. The Bank now serves more than 3.35 crore customers through 6,300 banking outlets in India. The total number of employees working at Bandhan Bank is now nearly 76,000.
During Q4 FY24, the Bank’s deposit book grew by 25% over the same period in the previous year. The total deposit book now stands at Rs.1.35 lakh crore while total advances are at Rs.1.25 lakh crore. The current account and savings account (CASA) ratio is standing above 37% of the overall deposit book. Capital Adequacy Ratio (CAR), an indicator of the stability of the Bank, is at 18.3%, much higher than the regulatory requirement.
Speaking on the Bank’s performance, Chandra Shekhar Ghosh, MD & CEO, said, “The last quarter of the year is testament to the momentum in business that we have gained. We have shown stability and growth across major parameters. The Bank also strengthened its core leadership in the quarter. Bandhan Bank has been built on the unwavering commitment of its employees and its success has been because of the trust of its customers. These cornerstones along with the focus on tech, people and processes will drive the growth trajectory of Bandhan Bank 2.0. “
The Bank continues its focus on asset diversification with a clear intention to increase its retail book. The bank intends to focus on greater digitization for higher productivity and efficiency. This will also lead to an overall enhancement in customer experience.
