Kolkata, February 9, 2024: Bandhan Bank has released its financial results for the third quarter of the fiscal year 2023-24, showcasing a remarkable growth trajectory. The bank’s total business has surged by 17%, reaching a substantial figure of Rs. 2.33 lakh crore as of December 31, 2023. This impressive milestone underscores the bank’s robust performance and steadfast commitment to driving financial inclusion and prosperity across India.
The noteworthy expansion in total business is attributed to various factors, including the bank’s strategic distribution expansion and the conducive operating environment. Bandhan Bank’s relentless focus on customer-centric initiatives has further propelled its growth, reaffirming its position as a leading player in the Indian banking landscape.
During the quarter under review, Bandhan Bank expanded its footprint by inaugurating 26 new branches nationwide. With this expansion, the bank now caters to over 3.26 crore customers through a vast network of more than 6,250 banking outlets across India. Additionally, the bank’s workforce has grown to exceed 75,000 employees, further enhancing its operational capabilities and service delivery standards.
A significant highlight of the financial results is the robust growth in the deposit book, which surged by 15% compared to the corresponding quarter of the previous year, reaching Rs. 1.17 lakh crore. Concurrently, the total advances stood at Rs. 1.16 lakh crore, reflecting the bank’s prudent lending practices and commitment to fostering economic growth. The current account and savings account (CASA) ratio, a key indicator of liquidity strength, stands at a healthy 36.1% of the overall deposit book, underscoring the bank’s stable funding base.
Furthermore, Bandhan Bank’s Capital Adequacy Ratio (CAR) stands at an impressive 19.8%, significantly surpassing the regulatory requirement. This robust CAR underscores the bank’s financial resilience and capacity to support its growth trajectory while maintaining prudent risk management practices.
Commenting on the financial results, Mr. Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank, expressed confidence in the bank’s growth trajectory. He emphasized that the third quarter has historically been a period of significant growth for the bank, a trend expected to continue in the foreseeable future. Mr. Ghosh highlighted the successful migration to a new Core Banking System (CBS), which is expected to further catalyze the bank’s growth momentum.
Looking ahead, Bandhan Bank remains committed to expanding its product offerings and distribution channels to cater to the evolving needs of its diverse customer base. The bank will continue to focus on bolstering its portfolio in key verticals such as SME Loans, Gold Loans, Personal Loans, and Auto Loans, while exploring opportunities in new segments such as Commercial Vehicle lending and Loan Against Property.
With its steadfast commitment to customer-centricity, innovation, and sustainable growth, Bandhan Bank is poised to continue its journey of driving financial empowerment and inclusive development across India.
