The Kolkata-headquartered,Bandhan bank dropped 3 per cent in today’s session. Stock recovered from the days low of 195.4 to close at 204.20 (-6.65 or -3.15%).
Stocks saw sharp reaction to Banks’s update to exchange regarding operations of the Bank due to Cyclone Amphan.
Brief about update (Source: NSE):
As per Bank’s estimate, the business of around 65,000 of our micro banking borrowers, amounting to an exposure of approximately Rs.260 crore, could be impacted due to the cyclone.
49 banking units (micro banking outlet) in five districts were impacted.
How bank had performed in 2020 Q4?
Bandhan Bank reported a net profit at Rs 517.28 crore for the quarter ended March 31, a 29 per cent quarter-on-quarter(517 cr vs 731 cr) fall due to over two-fold rise in provision and contingencies.
However Gross and Net NPA improved compared to the last quarter of last year.Gross NPA stands at 1.48% vs 1.93%, while net NPA stands at 0.58% vs 0.81%.