During the quarter the bank reduced its minimum interest rate on saving bank deposits from 4 percent per annum to 3 percent.
Shares of Kolkata-based private sector lender Bandhan Bank rallied 4 percent intraday on October 8 after single digit growth in deposits and advances for September quarter 2020.
The total advances for the quarter grew by 3 percent sequentially while deposits growth was 9 percent QoQ, the bank said, adding the year-on-year increase was 20 percent and 34 percent respectively.
Total advances increased to Rs 76,724 crore as on September 2020, compared to Rs 74,331 crore as on June 2020 and Rs 64,186 crore in September 2019, the bank said in its BSE filing.
Deposits jumped to Rs 66,153 crore in September 2020, from Rs 60,610 crore in previous quarter and Rs 49,195 crore in year-ago period, it added.
Bandhan Bank said collection efficiency for September was around 92 percent. Of this, the collection efficiency for micro finance segment stood at around 89 percent, while for mortgage, and other (including SME & NBFC) it was about 98 percent each.
It said 94 percent of micro finance customers paid in September.
During the quarter the bank reduced its minimum interest rate on saving bank deposits from 4 percent per annum to 3 percent. The liquidity coverage ratio stood at around 157 percent as of September 2020, the bank said.
The stock was quoting at Rs 320.75, up 1.99 percent on the BSE at 12:04 hours IST.