Bandhan Bank grows stronger, Now has 2.03 crore customers
Bandhan Bank today announced the results of the first quarter of financial year 2020 – 21. The Bank’s total business grew 24.99% year-on-year to reach Rs.1,34,941 crores. The Bank started operations in FY15-16 and will complete five years of operations in August this year. In just 5 years, the Bank has 4,559 banking outlets through which it serves 2.03 crore customers. The total number of employees working at Bandhan Bank stands at 41563.
The Bank’s deposit book grew 35.30% over the corresponding quarter of the previous year. The total deposits now stand at Rs.60,610 crore. The current account + savings account (CASA) book grew by 47.30% year-on-year to Rs. 22,473 crore and CASA ratio now stands at 37.08% of the overall deposit book. On the advance book, the bank saw 17.68% growth over the corresponding quarter of the previous year. The total advances are now at Rs.74,331 crore. The net NPA of the Bank stands at 0.48%, signifying a quality loan book. Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, is at 27.29%, including profits, much higher than the norm of 10.875%. The Bank’s net profit stood at Rs.550 crores, which 6.38% higher than the previous quarter.
Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “The country was under lockdown throughout the quarter. Our branches were functional even during this period while observing all directives of government and local authorities. We ensured seamless service for our customers in these testing times. With the results of the quarter, the resilient character of Bandhan Bank has once again been stablished. We are thankful to our customers, well-wishers and all other stakeholders for continuing to repose their trust in us.”
Bandhan started in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustainable livelihood creation. It turned into an NBFC a few years later but the core objective remained financial inclusion. When Bandhan Bank started operations on August 23, 2015, it was the first instance of a microfinance entity transforming into a universal bank in India. On the day of launch itself, Bandhan Bank started with 2,523 banking outlets. Bandhan Bank is driven by a constant desire to serve better. It offers world-class banking products and services to urban, semi-urban and rural customers alike. In the last few years of operations, Bandhan Bank has spread its presence to 34 of the 36 states and union territories in India with 4,559 banking outlets serving 2.03 crore customers. With its experienced management, diversified team and well entrenched distribution, Bandhan Bank is well poised to meet the aspirations of its customers and stakeholders.