Bandhan Bank shares dip 9% as CEO CS Ghosh resigns
Ghosh to retire from Bandhan Bank at the end of his current tenure as MD & CEO on July 09, 2024; to assume a larger strategic role
Ghosh to retire from Bandhan Bank at the end of his current tenure as MD & CEO on July 09, 2024; to assume a larger strategic role
Private bank to acquire 9.50% stake in Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank, and IndusInd Bank
The bank's net interest income fell 2.7% YoY to ₹2,471.8 crore in Q4FY23; the non-interest income declined 35.3% YoY to ₹629 crore.
Bandhan Bank made ₹1,280 crore provisions in the September quarter, which was nearly double of the previous quarter but down 77.2% YoY.
The bank owes its cost efficiency to its past as a microfinance institution. It is looking to build on its strength.
The Sensex and Nifty are set to open lower on Monday, following weak cues from Asian peers and negative trading on the SGX Nifty futures.
Shares of Bandhan Bank rallied amid a surge in volume trade as more than 5 crore equity shares of the private sector lender changed hands via block deals.
The BSE Sensex declined more than 2,000 points intraday, while all 30 index heavyweights ended in red.
The BSE Sensex and the NSE Nifty are poised to open lower on Monday as stocks slumped on Wall Street and in Asia, while trends on SGX Nifty also indicated a gap-down opening for domestic bourses.
The bank's gross non-performing assets (NPAs) surged to 10.81%.