Bandhan Bank Q4FY24 net profit falls 94%
    Bandhan Bank Q4FY24 profit falls to Rs 54.63 cr

    Bandhan Bank Q4FY24 net profit falls 94% to Rs 54.63 crore
    Private sector lender Bandhan Bank reported a steep decline of over 93 percent in its net profit, which fell to Rs 54.63 crore in the January-March quarter (Q4) of the financial year 2023-24.
    During this quarter, the bank prudently wrote off loans totalling Rs 3,852 crore in line with its policy while provisions and contingencies also jumped to Rs 1,774 crore from Rs 735 crore in the year-ago period, leading to the fall in PAT.
    The Banks net revenue for Q4 FY24 increased by 15 percent to Rs 3,560 crore, up from Rs 3,101 crore in Q4 FY23.
    The Board of Directors recommended a dividend of Rs 1.50 per equity share of Rs 10 for the year ending March 31, 2024.

    For the full year 2023-24, Bandhan Banks net revenue rose to Rs 12,490 crore from Rs 11,728 crore in FY23. The Net Interest Income (NII) for FY24 was Rs 10,326 crore, up 11 percent from Rs 9,260 crore in FY23.

    The profit after tax for the year ending March 31, 2024, was Rs 2,229 crore compared to Rs 2,195 crore in the previous year.

    The banks total business grew by 20%, to close at Rs.2.60 lakh crore. The Banks 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 Banks 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.

    Commenting on the financial performance, Chandra Shekhar Ghosh, MD CEO, said, 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.

    He added that Bandhan Banks success is built on the unwavering commitment of its employees and the trust of its customers.

     

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    Bandhan Bank Q4FY24 profit falls to Rs 54.63 cr