Bandhan Bank Share Price is going to remain bullish till Rs 229, know what is the confirmation
Bandhan Bank’s share price has seen a significant surge of over 5% today, reaching ₹207.68 on the NSE and ₹207.75 on the BSE. This impressive performance can be attributed to the bank’s strong first-quarter results and the news of a new CEO being appointed.
Bandhan Bank reported a 47% jump in its net profit for the first quarter of the fiscal year 2024-25, reaching ₹1,063 crore. The bank’s asset quality also remained healthy, with gross non-performing assets (NPAs) at 3.14% and net NPAs at 0.80%. The bank’s total deposits grew by 12% year-on-year to ₹1,03,365 crore, while its advances increased by 14% to ₹98,524 crore.
In another significant development, Swarup Kumar Saha, the current Managing Director and CEO of Punjab & Sind Bank, is set to take over as the new CEO of Bandhan Bank. Saha’s appointment has been vetted by the Reserve Bank of India (RBI) and is in the final stages of clearance. The bank’s board had suggested three names to the regulator, and Saha’s name seems to have received the RBI’s approval.
Saha’s appointment is expected to bring valuable experience and expertise to Bandhan Bank. He has previously served as an Executive Director at Punjab National Bank and is known for his familiarity with Eastern India, knowledge of Bengali, and willingness to shift to Kolkata, which is the headquarters of Bandhan Bank.
The bank’s strong performance and the news of a new CEO have boosted investor confidence, leading to a surge in the share price. Over the past six months, Bandhan Bank’s share price has increased by 13.39%, and in the last one year, it has risen by 5.75%.
Bandhan Bank, which was incorporated in 2015, has a strong presence in eastern and north-eastern India, with microfinance loans being its forte. The bank’s acquisition of Gruh Finance has also boosted its home loan book.
As of September 18, 2024, Bandhan Bank has a market capitalization of ₹33,363 crore. The bank’s stock has a price-to-earnings (P/E) ratio of 12.85 and a price-to-book (P/B) ratio of 1.53.
Analysts remain optimistic about Bandhan Bank’s future prospects. Motilal Oswal, in a recent report, has maintained a “neutral” rating on the stock with a target price of ₹220.
In conclusion, Bandhan Bank’s strong first-quarter results and the news of a new CEO have propelled the bank’s share price to surge over 5% today. Investors are bullish on the bank’s future prospects, and analysts remain optimistic about its growth potential.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
