Shares of Bandhan Bank moved higher by 4 per cent to Rs 328.50, recovering 7 per cent from a low of Rs 306.55 on the BSE in Friday’s intra-day trade after more than 50 million equity shares of the private sector lender changed hands via block deals. The stock had hit a 52-week high of Rs 364.85 on April 9, 2021.
At 09:15 am; 50.14 million equity shares representing 3.11 per cent of total equity of Bandhan Bank changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
As on December 31, 2021, mortgage lender Housing Development Corporation Limited (HDFC Ltd) held 159.36 million or 9.89 per cent stake in Bandhan Bank, shareholding pattern data shows.
At 09:51 am; Bandhan Bank traded 3.8 per cent higher at Rs 327.55, as compared to a 0.03 per cent decline in the S&P BSE Sensex. A combined 64.62 million equity shares changed hands on the NSE and BSE. In the past one month, the stock has outperformed the market by surging 25 per cent as against a 11 per cent rally in the benchmark index.
Bandhan Bank reported a robust pickup in business growth in the traditionally busy fourth quarter. Bandhan Bank on April 5 said its loan book crossed the Rs 1 trillion-mark for the first time in January-March 2022 (Q4FY2), registering an increase of 16 per cent compared to the same period a year ago. The bank's total loan stood at Rs 1.01 trillion during Q4 of FY22.
Deposits grew at a much higher pace of 24 per cent year-on-year to Rs 96,331 crore, of which the low-cost CASA (Current Account Savings Account) deposits grew 18 per cent to Rs 40,072 crore, the bank said.
“Improving trends in collection efficiency should continue to moderate credit cost and support earnings. However, movement in the SMA book and performance of the restructured book remains a key monitorable,” Motilal Oswal Financial Services said in its update.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU