Bandhan Bank surges as lender adds 50 branches to its network in a single day
Bandhan Bank shares were in high demand in the Indian share market on Friday, after the lender announced the opening of 50 new branches in a single day. Bandhan Bank said is well on its journey of diversification of asset book and geographical presence, taking its network to more than 1,400 branches.
Bandhan Bank shares zoomed on Friday, extending gains to a second straight day, after the lender announced the opening of 50 additional branches in one single day. The Bandhan Bank stock jumped by as much as four per cent to Rs 197.8 apiece during the session.
The new branches are majorly located across Bihar, Gujarat and Madhya Pradesh, according to a company statement. With the latest addition, Bandhan Bank took its network to more than 1,400 branches, the lender said.
Bandhan Bank adds 50 new branches: What the Bandhan Bank management says
Bandhan Bank is well on its journey of diversification of asset book and geographical presence, the statement said.
The bank is expanding its presence to areas outside of the East and North-East and is looking to increase the share of secured loans significantly over the next few years, it added.
The lender said it plans to introduce new products and increase the width of services in the next financial year.
“Our country needs a deeper penetration of banking outlets to ensure that everyone has access to banking. Bandhan Bank is committed to being a bank for all and we are invested in increasing our presence to serve all kinds of customers. Today’s announcement is another step of the Bank’s strategy to extend its reach and offer a world-class consumer banking experience across India," said Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank.
Bandhan Bank stock price: Historical performance
Bandhan Bank shares have lost almost 35 per cent of their value in the past one year. Bandhan Bank has underperformed its sector by over 46 per cent during this period, according to Trendlyne data.
The mutual fund holding in the stock has increased 0.5 per cent in the last quarter to 8, it added. Bandhan Bank's price-to-earnings (PE) ratio is 9.5, lower than its sector PE ratio of 21.5, according to Trendlyne.
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