Bandhan Bank board meets today to consider unaudited financial results for Q1FY24
board of directors Bandhan Bank It is scheduled to meet on July 14 to consider and approve unaudited financial results for the first quarter ended June 30, 2023.
According to market sources, the bank is likely to register slight growth during the quarter as the first quarter tends to be seasonally weak in terms of credit growth. In its preliminary disclosures to stock exchanges recently, the bank said that sequentially its credit growth decreased by about six percent to Rs.
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The bank’s share was trading at 215.35 Indian rupees, down 0.25 percent, on the Bahrain Bourse on Friday.
The bank recorded a 58 per cent drop in net profit at Rs.808 crore for the quarter ended 31st March 2023, as compared to Rs.1,902 crore in the same period last year. The decrease in net profit was primarily due to the lack of provisions in the fourth quarter of the last financial year (FY-22) as compared to ₹ 740 crore during the fourth quarter of FY 23.
The Bank expects nearly 20 percent growth in deposits and advances in FY24. It has seen nearly 10 percent growth in advances during 2022-23.