Bandhan Bank crosses 3 cr customers milestone
Kolkata: Bandhan Bank on Friday announced its financial results for Q4 FY23. The Bank has now has more than three crore customers on books. In just seven and a half years of operations, the total business has grown to more than Rs 2.17 lakh crore. Driven by its expansion in distribution and favourable operating environment, the Bank witnessed strong growth in the quarter.
The Bank’s total business (deposits and advances) grew 11 per cent year-on-year to reach Rs 2.17 lakh crore as on March 31, 2023. The Bank serves more than three crore customers through 6,000 banking outlets across 34 of the 36 states and union territories in India. The total number of employees working at Bandhan Bank stands at nearly 70,000.
During the Q4 of FY23, the Bank’s deposit book grew 12 per cent over the corresponding quarter of the previous year. The total deposits now stand at Rs 1.08 lakh crore. The current account and savings account (CASA) ratio now stands at 39.3 per cent of the overall deposit book. With respect to advances, the bank saw 10 per cent growth over the corresponding quarter of the previous year. The total advances are now at Rs 1.09 lakh crores.
Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at 19.8 per cent, much higher than the regulatory requirement. The Bank continues to expand its presence outside of the core markets of East and North East. The Bank is also growing its portfolio in verticals like SME Loans, Gold Loans, Personal Loans and Auto Loans among other product ranges. The Bank has also started new verticals like Commercial Vehicle lending and Loan Against Property for businesses, among others.
Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “The Bank registered good growth in the 4th quarter. We are building new capabilities to unlock greater business impact. Our new business streams such as Commercial Vehicle Lending, Loans against Property for Business, Government Business Operations, among others, will add to the top line as well as the bottom line over the next few quarters. We have been fortunate to earn the trust of more than three crore Indians and we will endeavour to continue to be their trusted partner in their journey to achieve their dreams.”
