Bandhan Bank extend losses to 6th day in a row
Bandhan Bank shares were on track to finish lower for the sixth session in a row on Monday. Last Friday, the lender released a quarterly update that gave insights on several aspects of its business including growth in its advances and deposits.
Bandhan Bank shares gave up initial gains in volatile trade on Monday, continuing to fall for the fifth session in a row. On Friday, the Kolkata-headquartered lender reported a 21.4 per cent year-on-year increase in total loans and advances to Rs 1,30,652 crore while its total deposits increased 27.2 per cent to Rs 1,42,511 crore, as of September 30.
The lender said its CASA deposits stood at Rs 47,284 crore, up 9.5 per cent over the year-ago period, while its retail deposits (including CASA) grew 16.4 per cent to Rs 96,603 crore.
Bandhan Bank shares fell by as much as Rs 4.2, or 2.2 per cent, to Rs 182.7 apiece on BSE, having reversed course after rising to as high as Rs 192.3 apiece in the first few hours of trade.
At 2:40 pm, the Bandhan Bank stock was down 1.5 per cent for the day at Rs 184.2 apiece on the bourse, on course to finish lower for a sixth straight session.
Bandhan Bank has yet to announce the date it will release its financial results for the July-September quarter.
Its business update comes at a time when investors await the onset of a new earnings season on Dalal Street.
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For the quarter ended June 30, Bandhan Bank reported a net profit of Rs 1,063.5 crore as against a net profit of Rs 721.05 crore for the corresponding period a year ago. Its net interest income, a key measure of income for financial institutions, grew 20.7 per cent to Rs 3,005 crore, according to a regulatory filing.
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