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Business Economy

Bandhan Bank net plunges over 93 pc in Q4

New Delhi, May 17 (UNI) Private sector bank Bandhan Ban on Friday reported over 93 per cent fall in net profit at Rs 54.63 crore in the January-March or Q4 of financial year 2023-24 compared to Rs 808.29 crore in the same period of fiscal 2022-23.
During the quarter, as a prudent measure and in accordance with its policy, the Bank has technically written off loans amounting to Rs.3,852 crores.
The Bank’s net revenue as of Q4 FY24 grew 15 per cent to Rs 3,560 crore as compared to Rs 3,101 crore in Q4 FY23, the Bank said in a regulatory filing with the stock exchanges.
The Board of Directors have recommended a dividend of Rs 1.50 per equity share of Rs 10 for the year ended March 31, 2024.
For the full year 2023-24, the Bank’s net revenue was Rs 12,490 crore as compared to Rs 11,728 crore in FY23, it said adding the Net Interest Income (NII) for FY24, stood at Rs 10,326 crore compared to Rs 9,260 crore in FY23, representing a growth of 11 per cent.
The profit after tax for the year ended March 31, 2024, stood at Rs 2,229 crore compared to Rs.2,195 crore in the previous year.
Commenting on the financial performance, Chandra Shekhar Ghosh, MD & CEO, said, “The last quarter of the year is a testament to the momentum in business that we have gained. We have shown stability and growth across major parameters. The Bank also strengthened its core leadership in the quarter.”
Bandhan Bank has been built on the unwavering commitment of its employees and its success has been because of the trust of its customers. These cornerstones along with the focus on tech, people and processes will drive the growth trajectory of Bandhan Bank 2.0, he added.
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