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  1. Bandhan Bank shares jump over 11%; here is why Street is delighted

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Bandhan Bank shares jump over 11%; here is why Street is delighted

Upstox

2 min read | Updated on October 11, 2024, 11:48 IST

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SUMMARY

Total business of Bandhan Bank increased 24.6% in the second quarter of the current financial year (Q2 FY25), while total business at the end of September 30, 2024, touched ₹2,73,163 crore, as compared to ₹2,19,712 crore in the similar previous period, representing a rise of 24.6%.

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Shares of Bandhan Bank have slipped nearly 17% in the past 12 months and nearly 65% over the past five years. 

Shares of Bandhan Bank have slipped nearly 17% in the past 12 months and nearly 65% over the past five years. 

Bandhan Bank share price: Shares of Bandhan Bank surged as much as 11.58% to hit a high of ₹209.50 apiece on the BSE on Friday, October 12.

The investors rejoiced and welcomed the news that the Reserve Bank of India (RBI) has granted its prior approval to the bank for the appointment of Partha Pratim Sengupta as the MD and CEO of the bank for a period of three years.

Sengupta will take the charge by November 10, 2024.

"The bank has received the acceptance of Mr. Sengupta on October 9, 2024, and subsequent confirmation on October 10, 2024, that he will step down from his other engagements in compliance with the terms and conditions of the prior approval for the proposed appointment as MD&CEO of the bank," the company's filing to stock exchanges said. 

Partha Pratim Sengupta is an experienced banker who has nearly four decades of experience in the banking industry. He has worked in different geographies, across both retail and corporate banking. Sengupta has been groomed at the State Bank of India (SBI), where he rose to the role of Deputy Managing Director and Chief Credit Officer of the Bank. He then took over as Managing Director and CEO of Indian Overseas Bank (IOB), as per the filing. 

Shares of Bandhan Bank have slipped nearly 17% in the past 12 months and nearly 65% over the past five years. 

Bandhan Bank Q2 update

Total business of private lender Bandhan Bank increased 24.6% in the second quarter of the current financial year (Q2 FY25), while total business at the end of September 30, 2024, touched ₹2,73,163 crore, as compared to ₹2,19,712 crore in the similar previous period, representing a rise of 24.6%.

Loans and advances of the bank at the end of Q2 stood at ₹1,30,652 crore, while deposits touched ₹1,42,511 crore, the lender said.

The collection efficiency ratio of the bank across all its business verticals at the end of the second quarter of the current financial year stood at 98.2%, as compared to 98.7% in the preceding quarter.

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