Bandhan Bank crosses the milestone of 3 crore customers
Bandhan Bank today announced its financial results for the fourth quarter of the financial year 2022-23. The Bank has now has more than 3 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% year-on-year to reach Rs.2.17 lakh crore as on March 31, 2023. The Bank serves more than 3 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 final quarter of FY23, the Bank’s deposit book grew 12% 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% of the overall deposit book. With respect to advances, the bank saw 10% 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%, 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 fourth 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 3 crore Indians and we will endeavour to continue to be their trusted partner in their journey to achieve their dreams.”