Bandhan Bank Q2 results: Profit soars 245% to Rs 721 crore; total income up 12%

Private lender Bandhan Bank on Wednesday recorded a massive jump in its second-quarter profit for the financial year 2023-24. Profit after tax (PAT) stood at Rs 721 crore in Q2 FY24 as compared to Rs 209 crore in Q2 FY23, registering a growth of 245 per cent year-on-year (YoY).

The lender's total income rose 11.77 per cent to Rs 2,983 crore in the September 2023 quarter from Rs 2,669 crore in the year-ago period.

Bandhan Bank said its total deposits came at Rs 1.12 lakh crore, growing by 12.8 per cent YoY, marginally better than the industry average growth.

CASA (Current Account and Savings Account) ratio improved to 38.5 per cent in Q2 FY24, up from 36 per cent in Q1 FY24, it further said.

Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank, said, "The bank has also made significant progress in diversifying its asset book geographically as well as in terms of product mix. We are already seeing signs of uptick in growth and are confident that the Bank is on the expected growth trajectory."

Net interest income has grown to Rs 2,443 crore in Q2 FY24 from Rs 2,193 crore in Q2 FY23.

Gross non-performing asset remained steady at 7.3 per cent as on September 30, 2023, against 7.2 per cent in the year-ago period.

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