Impressive Growth in FY 2023-24
Kolkata, May 17, 2024: Bandhan Bank has reported robust financial results for the final quarter of the financial year 2023-24. The bank’s total business surged by 20%, reaching an impressive ₹2.60 lakh crore. This remarkable growth underscores the bank’s strategic expansion and efficient operations.
Expansion and Customer Reach
During the fourth quarter, Bandhan Bank significantly expanded its footprint by opening 50 new branches nationwide. This expansion effort has enabled the bank to serve over 3.35 crore customers through 6,300 banking outlets across India. The bank’s workforce has also grown, now boasting nearly 76,000 employees, reflecting its commitment to enhancing customer service and operational efficiency.
Strong Financial Performance
Bandhan Bank’s deposit book grew by an impressive 25% year-over-year, culminating in a total deposit base of ₹1.35 lakh crore. The advances, on the other hand, stand at ₹1.25 lakh crore. The bank’s Current Account and Savings Account (CASA) ratio remains robust at over 37% of the overall deposit book, showcasing the bank’s strong deposit franchise. The Capital Adequacy Ratio (CAR) is at a healthy 18.3%, well above the regulatory requirements, indicating the bank’s financial stability and resilience.
Leadership and Vision
Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank, expressed pride in the bank’s performance, highlighting the stability and growth across major financial metrics. “The last quarter of the year is a 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.”
Future Focus
The bank continues to prioritize asset diversification with a clear goal to increase its retail book. Additionally, Bandhan Bank aims to leverage greater digitization to enhance productivity and efficiency. This focus on digital transformation is expected to significantly improve customer experience, positioning the bank for sustained growth in the future.
Bandhan Bank’s exceptional performance and strategic initiatives demonstrate its commitment to becoming a leading player in the Indian banking sector.
