Ravi Lahoti, Bandhan Bank’s chief audit officer, resigned in September after deciding to pursue alternative opportunities. He will continue in his role until his last day at the bank, which is Dec. 21.
Bandhan Bank’s profit for the first quarter rose 47.4% year-on-year to Rs 1,063.4 million, beating analysts’ expectations. Net interest income increased by 20.6% year-on-year to Rs 3,005.1 million. Other income also increased by 36.9% on an annual basis to Rs 527.5 million.
The lender’s asset quality deteriorated, with the gross non-performing asset ratio rising 39 basis points sequentially to 4.23%. The net NPA ratio also worsened by 4bps to 1.15% from 1.11% in the previous quarter.
Bandhan Bank share price fell by up to 1.32 per cent intraday to Rs 186.52 per share on NSE. However, net of gains, it closed 1.14 per cent lower at Rs 186.86, compared to a 0.79 per cent decline in the benchmark Nifty 50.
The stock has fallen 26.39% over the past 12 months and -23.45% since the beginning of the year.
Of the 27 analysts tracking the company, 15 maintain a buy rating, seven recommend a hold and five suggest a sell, according to Bloomberg data. There is. The 12-month average consensus price target implies an upside of 17.8%.
