The bank with its headquarters in Kolkata had reported a net loss of Rs 3,008.60 crore in the previous year’s same quarter. Due to a decrease in bad loans, private sector lender Bandhan Bank reported a net profit of Rs 209.30 crore for the September 2022 quarter.
The bank with its headquarters in Kolkata had reported a net loss of Rs 3,008.60 crore in the previous year’s same quarter.
According to a regulatory filing, Bandhan Bank’s total income increased by 8.5% between July and September 2022-23 to Rs 2,669.4 crore, up from Rs 2,459.9 crore during the same time period in 2021-22. Due to a decrease in bad loans, private sector lender Bandhan Bank reported a net profit of Rs 209.30 crore for the September 2022 quarter.
The bank with its headquarters in Kolkata had reported a net loss of Rs 3,008.60 crore in the previous year’s same quarter.
According to a regulatory filing, Bandhan Bank’s total income increased by 8.5% between July and September 2022-23 to Rs 2,669.4 crore, up from Rs 2,459.9 crore during the same time period in 2021-22. According to the lender, total advances increased by 17.4% to Rs 95,834.9 crore at the end of September 2022, compared to Rs 81,661.2 crore during the same time last year. To Rs 99,365.8 crore, total deposits went up by 21.3%.
Bandhan Bank will increase its exposure to secured loans to 70% by 2025 in order to diversify its asset base. Bandhan Bank’s managing director and chief executive officer, Chandra Shekhar Ghosh, stated that the bank’s future plans included asset book diversification. 70% of the asset will be secured by 2025, while 30% will be unsecured. At an event to announce the appointment of former Indian cricket captain Sourav Ganguly as the bank’s brand ambassador, Ghosh stated, “We are planning strategically to reach that.” Currently, 39% of the asset book is secured.
Ghosh asserted, “Bandhan was born as a microcredit organization, but we are a universal bank.”He stated that approximately 26% of advances had come from housing loans, and the bank’s acquisition of Gruh, a housing finance company, had assisted in diversifying its portfolio. Laying the guide for development, he said the bank would develop the got portfolio.MSME, in addition to housing finance, would be a focus area in that direction.MSME currently accounts for 38% of total advances, most of which are secured. Ghosh stated, “We are growing on this.”
The ACC board approved moving the end of its fiscal year from December 31 to March 31 in September. Likewise, the ongoing monetary year has been reached by 90 days to end on Walk 31, 2024. “ACC recorded strong growth in RMX (ready mix concrete) volume during the quarter of 10%, and the RMX business remains a significant growth engine for the future.“Our capacity expansion initiative through our new greenfield projects at Ametha is progressing well and is anticipated to be commissioned by March 2024,” he added. We have aggressive growth plans.
For the quarter that ended on September 30, cement manufacturer ACC reported a consolidated net loss of Rs 87.32 crore as a result of cost pressures brought on by the steep rise in fuel prices.Analysts had anticipated a net profit of Rs 220.60 crore, so the company’s net loss came as a surprise.
In contrast, during the same time last year, the business made a net profit of Rs 450.21 crore.The firm, which was gained by the Adani Gathering, has likewise ended its concurrence with Holcim for the installment of innovation expenses at 1% of qualified net deals, compelling September 16.
Comparatively, ACC’s cement volume increased by 4% during the quarter.Due to a change in ownership and control, the company recorded an exceptional item expense of 16.25 crore for special incentives for certain key employees for the quarter and nine months ended September 30, 2022.
The bank is looking into geographical diversification in addition to the asset book. He stated, “About 47% of our banking locations are in the east.”Moving forward, the primary concern would be expanding the geographical presence. In 2025, the bank intends to add 8,000 branches, up from the current 5,640.
Bandhan Bank’s Managing Director and Chief Executive Officer, Chandra Shekhar Ghosh, stated, “As we enter the H2FY23, the focus shifts to growth, and with pandemic-related stress phasing out, we look forward to ending the FY23 on a high note.”On the BSE, shares of Bandhan Bank ended at Rs 265.20 each, a decrease of 2.12%.
