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The board of directors of Bandhan Bank is scheduled to meet on July 14 to consider and approve the unaudited financial results for the first quarter ended June 30, 2023.
According to market sources, the bank is likely to register muted growth during the quarter as Q1 tends to be seasonally weak in terms of credit growth. In its initial disclosures to the stock exchanges recently, the bank had said that sequentially its credit growth had come down by nearly six per cent to ₹96,650 crore during the quarter ended June 30, 2023, as against ₹1,09,122 crore in the fourth quarter ended March 31, 2023.
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The bank’s scrip was trading at ₹215.35, down by 0.25 per cent on the BSE on Friday.
The bank had registered 58 per cent drop in net profit at ₹808 crore for the quarter ended March 31, 2023, as against ₹1,902 crore same period last year. The drop in net profit was primarily on account of lack of provisioning in the fourth quarter of last fiscal (FY-22) as compared to ₹740 crore during the fourth quarter of FY-23.
The bank is expecting close to 20 per cent growth in deposits and advances in FY24. It had witnessed close to 10 per cent growth in advances during 2022-23.
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