Bandhan Bank posts consolidated net income of `972 crore

MUMBAI: Private sector lender Bandhan Bank on Thursday reported a consolidated net of Rs 972 crore for the September quarter, which includes the numbers of Gruh Finance, and outlined affordable housing loans as its focus area going forward.

The Kolkata-headquartered lender had a net income of Rs 488 crore in the year-ago period, but the numbers are not comparable as the reporting quarter reflects the performance of Gruh as well.

Managing director and chief executive CS Ghosh said it took nine months to complete the merger with Gruh and the bank, which has its roots in the micro-lending segment, will now focus more on affordable housing loans.

Loan book grew 37 percent for the bank standalone and 92 percent if Gruh is included, Ghosh said, adding the merger has resulted in the share of micro-loans to come down to 61 percent while the rest is in mortgages, SMESS and microfinance lenders.

Apart from affordable housing, it will also focus on the small businesses segment, Ghosh said.

The bank continues to be under restrictions for branch expansion from RBI as the promoter shareholding being at a high of 61 percent, and Ghosh affirmed commitment to meet the regulatory expectations.

However, chief financial officer Sunil Samdani said it is not tracking any inorganic growth opportunities, which can help reduce the promoter stake.

It is also not eyeing any

Managing director and CEO Chandra Shekhar Ghosh