Despite a 244% jump in Q2 net profit, Bandhan Bank emerged as the worst performing private bank stock last month, weighed down by persisting asset quality concerns.
Gross non-performing assets however stood at 7.3 per cent during the quarter, up from 7.2 per cent in Q2FY23 and 6.8 per cent in Q1FY24. 'We have not done any writeoffs or sale to ARCs during the quarter. This increase is purely the steady state increase,' said Sunil Samdani, the outgoing CFO
Bandhan Bank s MD, Chandra Shekhar Ghosh, has said India is unlikely to hike interest rates due to the limited risks of a further ATM hike revealed by India s first quarter inflation numbers. The bank has suffered since its IPO last year as it has underperformed compared to its peers due to issues such as lower-than-average growth and asset quality. Shares in Bandhan Bank slumped by almost 7% at the end of last week following the resignation of CFO Sunil Samdani.