Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Bank eyes presence in south, west
The proposed merger with Gruh Finance will enable Bandhan Bank to achieve better geographical balance, said the bank’s MD and CEO Chandra Shekhar Ghosh.
Addressing a press meet, he said that the bank was trying to increase its presence in States where it was weak. This would include the southern and some western States. The Gruh portfolio will enable it to mark a strong presence in Maharashtra and Gujarat. Mr. Ghosh said that Bandhan Bank had closed the first quarter with a 45.4% rise in post-tax profit to Rs. 701 crore on the back of a 36.1% rise in net interest income to Rs. 1,411 crore. Total advances grew by 39.4% to Rs. 45,420 crore, while total deposits increased by 42.3% to Rs. 43,701 crore. Bandhan Bank’s net NPAs were at 0.56% against 0.58% a year ago. “The year has started on a promising note,” he said, adding that he expected it to get better through the subsequent quarters. Mr. Ghosh said the merger was now awaiting the approval of the National Company Law Tribunal (NCLT) after getting approval from the Reserve Bank of India, the Competition Commission of India and the Securities Exchange Board of India.
