Bandhan Bank on July 14 reported an 18.67% YoY decline in net profit to Rs 721 crore for the Q1 of the current fiscal year, down from Rs 886 crore a year back.

On a sequential basis, profit was down by 10.77% against the Rs 808 crore in the previous quarter. The Current Account Saving Account (CASA) deposits stood at Rs 39,077 crore with a healthy CASA ratio of 36%.

Net interest income fell around 1% YOY to Rs 2,490.8 crore from Rs 2,514.4 crore in the year-ago period. The company’s deposit grew by 16.6% to Rs 1.08 lakh crore,

The lender made Rs 4,820 crore in Q1 compared to Rs 4,070 in the previous quarter and Rs 5,220 crore in the same quarter for the year-ago quarter.

Managing Director and CEO Chandra Shekhar Ghosh said: “This quarter’s performance indicates that the bank is on a stable growth path. The bank has also made significant progress in diversifying its asset book. Our investment in people, Technology, IT & expansion over the last few quarters will improve the bank’s performance”.

Nearly 7 lakh new customers were added to the bank in the June quarter, with the total number of customers at 3.07 crore. The banking outlets for the current quarter stand at 6,140, with 1,542 branches and 4,598 banking units. During the quarter, the number of employees of the bank crossed the mark of 72,000.