Bandhan Bank posts Rs.275 crore profit

Bandhan Bank reported a net profit of over Rs.275 crore over seven months and seven days of the fiscal 2015-16.

During the period under review, the Kolkata-based bank -- which started operations in August 2015 -- posted a total income of Rs.1,082 crore. Its net interest income (NII) stood at Rs.932.72 crore.

The private lender's gross advances were at Rs.15,493.97 crore, of which only Rs.156 crore was advanced to non-micro credit sectors.

"Despite spending on technology, infrastructure and new employees, the bank has posted a decent profit which is satisfactory and encouraging," said Chandra Shekhar Ghosh, the bank's managing director and chief executive.

The city-based private lender has expanded its operation across 29 states through a network of 670 branches and 234 ATMs. It opened over 15 million accounts, including deposits and advances.

The bank has collected deposits of Rs.12,088.75 crore and caters to over 8 millions deposit customers up to March end.

Its current account and savings account balance stood at Rs.2,605.59 crore -- 21.55 percent of total deposits.

"We expect to achieve 30 percent credit and deposit growth by end of the March 2017," he said.

The bank has also opened 21 small format branches, he said.

"The bank has 20,600 employees at present and with the expansion of network of branches and ATMs in the coming months, the employee number will go up accordingly," he said.

--IANS

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