Bandhan Bank Crosses Rs.2 Lakh Crore Of Total Business In Q3FY23
Bandhan Bank released its financial results for the third quarter of the 2022–23 fiscal year. In a little more than seven years of operations, the Bank has reached the milestone of Rs. 2 lakh crore in total business. The Bank had significant growth in the quarter, which was fueled by its expanding distribution and advantageous operating environment.
On December 31, 2022, the Bank’s total business (deposits and advances) increased 16% year over year to reach Rs. 2,00,070 crore. Through 5,723 banking locations spread across 34 of India’s 36 states and union territories, the Bank services 2.86 billion people. There are more than 66,000 people employed at Bandhan Bank in total.
The Bank’s deposit book increased by 21% during the third quarter of the current fiscal year compared to the third quarter of 2022. At this time, there have been Rs. 1,02,283 crore in deposits. At 36.4% of the total deposit book, the current account and savings account (CASA) ratio is currently at its highest level. The bank’s advances increased by 11% as compared to the same quarter the year before. The current total of advances is Rs. 97,787 crores.
The Bank’s Capital Adequacy Ratio (CAR), which measures the bank’s stability, is 19.1%, far over the required level.
Along with other product categories, the Bank is expanding its portfolio in sectors including SME Loans, Gold Loans, Personal Loans, and Auto Loans.
The Bank has also launched new business segments, such as lending for commercial vehicles and loans secured by the property.
Chandra Shekhar Ghosh, MD & CEO, said, “The Bank showed good growth in the third quarter on a year-over-year basis. To meet the various needs of various customer categories, the Bank continues to broaden its reach and improve its product line. The Bank is well-positioned for its upcoming phase of expansion as its diversification program is on track and the business environment is favorable. We have had the good fortune to win the trust of millions of Indians, and we will work to maintain that partnership as they pursue their goals”.