Bandhan Bank Q2 loans and advances up 12.3% YoY at Rs 1.07 lakh crore

Shares of Bandhan Bank jumped nearly 1 percent in early trade on October 5 as the bank reported robust growth in loans and advances. At 10:16 am the Bandhan Bank stock was trading 0.77 percent higher at Rs 255.32 on NSE. The private sector lender has reported loans and advances at Rs 1.07 lakh crore for quarter ended September FY24, growing 4.3 percent QoQ and 12.3 percent YoY, while its total deposits grew by 3.3 percent QoQ and 12.8 percent YoY to Rs 1.12 lakh crore. The bank stated this date in a business update filing with BSE dated October 4.

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The filing further stated that CASA deposits increased by 10.5 percent QoQ and 6.5 percent YoY to Rs 43,161 crore, while retail deposits rose by 7.4 percent QoQ and 12.6 percent YoY to Rs 82,977 crore.

Bandhan Bank Q1 Results

Bandhan Bank on July 14 reported a net profit of Rs 721 crore for the April-June 2023 quarter, down from Rs 886 crore in the corresponding period last year.

The bank’s gross non-performing asset (GNPA) also decreased to 6.76 percent from 7.25 percent last year. Bandhan Bank’s net NPA stood at 2.18 percent, deteriorating from 1.92 percent in the corresponding quarter last year. Further, the bank’s commercial banking book grew by 78 percent YoY. However, retail loan books other than housing finance book grew by 86.5 percent, but housing finance book grew by 9.5 percent.

Also Read: Bandhan Bank Q1 Results: Net profit falls 19% to Rs 721 crore, mixed asset quality

Bandhan Bank also informed that it has added nearly 7 lakh customers in the previous quarter with the total number of customers stands at 3.07 crore. Banking outlets as on June 30, 2023, stood at 6,140. The network consists of 1,542 branches and 4,598 banking units.

Brokerage Views

Brokerage firm Geojit Financial is bullish on Bandhan Bank and has recommended a ‘buy’ rating on the stock with a target price of Rs 269 in its research report dated August 21, 2023.

Stock Performance

Bandhan Bank stock has given a return of 22.52 percent over the last six months. The benchmark Nifty Bank index has given a return of 7.23 percent over the same duration.

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