Page 7 - Bandhan Bank

Bandhan Bank triples number of branches to 1,500 in less than 8 years

Private lender Bandhan Bank on Wednesday said it has trebled its branches in nearly eight years of its operations, totalling 1,500 at present. A statement said the bank now has a network of 4,500 banking outlets besides branches across the country. The Kolkata-based bank started operations with 501 branches on August 23, 2015. Presently, it is spread across 34 states and UTs. It said that the lender is committed to fulfilling the diverse financial needs of people with tailored products to suit everyone's needs through physical or digital channels. MD and CEO of the bank, Chandrasekhar Ghosh, said, "India needs deeper financial penetration so that access to banking is available to everyone." The bank has diversified its asset base and expanded its geographical presence beyond its traditional regions, the east, and the northeast, with an even mix of rural and urban markets, the statement added. The MFI-turned-lender is also increasing the share of secured loans in its asset portfo

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Bandhan Bank Q4 results: Net profit falls 57.5% to Rs 808 crore

Net interest income (NII) for the quarter grew by 18.8 per cent to Rs 2,472 crore as against Rs 2,080 crore in Q3 FY23

Bandhan Bank's total deposits rise 12.2% at Rs 1.08 trn in Q4FY23

Bandhan Bank's total deposits in the fourth quarter of last fiscal stood at Rs 1,08,069 crore, registering a rise of 12.2 per cent over the same period a year ago, the private lender said. Loans and advances during the quarter ended March 31 was at Rs 1,09,112 crore, reflecting a year-on-year growth of 9.8 per cent, it said in a release. Collection efficiency of micro-lending during the period under review came in at 98.5 per cent as against 98 per cent a year ago. The Kolkata-based bank said its current account, savings account (CASA) in the quarter to March stood at Rs 42,471 crore, representing a growth of six per cent over the corresponding period a year ago. Bulk deposits were at Rs 31,125 crore compared with Rs 21,890 crore in the fourth quarter of 2021-22, registering a growth of 42.2 per cent. The loan coverage ratio (LCR) of the bank stood at 157 per cent during the reporting period, the release added.

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Private lender Bandhan Bank adds 50 new branches to its existing network

Private lender Bandhan Bank on Friday said it has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh, the Kolkata-based bank said in a statement. It said that the spread of the new branches is a testament to the bank's commitment to expand its reach across the country and serve the needs of all segments of customers. The bank is also well on its journey of diversification of asset book and geographical presence. It also plans to introduce new products and increase the width of services in the next financial year, the statement added. Chandra Shekhar Ghosh, MD and CEO of the bank, said, "Our country needs a deeper penetration of banking outlets to ensure that everyone has access to banking. Bandhan Bank is committed to being a bank for all and we are invested in increasing our presence to serve all kinds of customers".

Bandhan Bank crashes to 3-year low on heavy volumes

The stock has slipped 6% to Rs 185.45 and trades at its lowest level since April 2020.

IDFC Mutual Fund rebrands itself as Bandhan MF, fund house unveils new logo

The ninth-largest fund house's schemes to reflect the new name from Monday

I-T benefits in union budget to propel deposit growth: Bandhan Bank MD

The income tax concessions proposed in the Union budget will promote more savings and propel growth in deposits, which in turn, will help the banking industry, Bandhan Bank Managing Director and Chief Executive Officer Chandra Shekhar Ghosh said on Wednesday. In her budget speech, Union Finance Minister Nirmala Sitharaman announced no tax for those with an annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA. "For the last year, we have witnessed that the deposit growth is less than normal. The new tax norms proposed in the budget will encourage people to save more, and in turn, it will normalise the growth in deposits. It indeed will help the banking industry. When the deposit growth increases, the credit flow also increases," he said. In what is being seen as a push for the salaried class taxpayer to switch to the new tax regime

New tax rates will raise purchasing power of middle class: Bandhan Bank CEO

The revision in income tax rates will increase the purchasing power of the middle class sections of the society, Bandhan Bank's Chief Executive Chandra Sekhar Ghosh said

Bandhan Bank Q3 profit slumps 66% to Rs 291 crore on higher provisions

Higher provisions for stressed loans also pushed its credit cost up to 6.4% in the quarter from 3.7% a year earlier

Bandhan Bank collection efficiency rises to 98% at end of Dec 2022

Collection efficiency ratio of private lender Bandhan Bank increased to 98 per cent at the end of December 2022 from 95 per cent at the end of the second quarter. An initial disclosure statement by the bank said that the ratio for micro-credit loans was 98 per cent at the end of December 2022, while for non-MFI loans, it was 99 per cent. Loans and advances of the bank at the end of December 2022 stood at 1,00,520 crore, registering a growth of 14 per cent year-on-year. Total deposits of the lender at the end of the third quarter this fiscal stood at 1,02,283 crore, reflecting a growth of 21 per cent year-on-year, the bank said. CASA deposits of the bank fell to Rs 37,194 crore at the end of December 2022, a decline of three per cent year-on-year. A bank official said this was because a number of people shited their savings deposits to fixed deposits due to a rise in interest rates. Bulk deposits of the bank at the end of the third quarter of the current fiscal stood higher at Rs

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Bandhan Bank to sell stressed loans to ARC for the first time: Source

Bandhan Bank's announcement of sale of stressed loans to an asset reconstruction company (ARC) will be the first such instance for the private lender, a source in the bank said. The lender had on Wednesday said it will sell stressed loans to an ARC after a portfolio of Rs 8,897 crore was written off. The bank has received binding bid from an ARC, amounting to Rs 801.00 crore..., it had said in an exchange filing. The written off amount was on account of small businesses and agriculture loans (SBAL) or micro-credit advances, the source said. It had become stressed during various phases of operation since the bank's inception as a lender in August 2015. This is for the first time that the bank will sell stressed loans to an ARC, he said. The bidding will be as per the Swiss Challenge Method (SCM) on a binding bid of Rs 801 crore offered by the ARC. Under SCM, the bank will receive bids on the reserve price of Rs 801 crore, and the highest bidder will get hold of the portfolio, the

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Bandhan Bank offers 7.5% interest rate on retail FDs for limited period

Rate applicable to both fresh deposits and renewals of up to Rs 2 crore for a tenure of 600 days, seniors to get 0.5% more

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Varun Beverages, ABB, Page among six stocks that could become large-caps

They could replace Piramal Enterprises, Gland Pharma, Mphasis, Muthoot Finance, Bandhan Bank and Paytm, which may move to mid-cap space, reveals analysis by Brian Freitas of Periscope Analytics

Bandhan Bank opens currency chest in Guwahati, terms it 'important market'

Bandhan Bank opened its currency chest in Guwahati which will cater to the northeastern region including Assam, an "important market" for the private lender. This is the second currency chest of the bank after Patna. A statement by the bank said that the currency chest will help cash management for MSME and traders in the North East. Assam has been an important market for Bandhan Bank for many years now. The opening of this currency chest is a testament to our commitment to the development of Assam and the North Eastern states of India," said C S Ghosh, MD & CEO of Bandhan Bank. In Assam, Bandhan Bank currently has a customer base of around 26 lakh and a network of more than 472 banking outlets. The bank will open more than 550 new branches across India in the current financial year, out of which 20 will be in Assam. "We have received the trust and love of more than 26 lakh customers in the state. Our significant distribution in Assam and the rest of the North East made Guwahati