Mid cap stock slips up to 6.5% after a change in Key Managerial Personnel; Know the details 

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Mid cap stock slips up to 6.5% after a change in Key Managerial Personnel; Know the details 
Credit: © Reuters.

Shares of this Mid-cap Private Bank slipped more than 6 percent today after a filing mentioning a change in the Key Managerial Personnel (KMP) of the Bank. In the last one month period, the scrip has fallen nearly 15 percent from Rs 263.75 at the start of June 2023 to the current price levels.

With a market capitalization of Rs 36,200 crores, the stocks of Bandhan Bank (NS: BANH ) Limited closed today at Rs 225. It witnessed an intra-day low of Rs 216.10 indicating a downfall of around 6.50 percent compared to the previous closing levels of Rs 231.25.

One of the probable reasons for the stock prices to fall is pertaining to a filing dated 4th July 2023 mentioning that Mr. Sunil Samdani, Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Bank has resigned on the 3rd of July 2023. His last working date in capacity is decided to be 30th September 2023. The Bank is in the process of identifying a suitable replacement.

Apart from the above, the Bank provided business updates wherein the total deposits have seen a growth of 16.6 percent from deposits worth Rs 93,057 crores as on June 2022 to deposits worth Rs 1,08,479 crores as on June 2023.

The Bank has been successful in showing consistent growth in Total Income over the past few years with the most recent movement being from Rs 16,693 crores during FY21-22 to Rs 18,373 crores in FY22-23. Net profits, after witnessing a deep fall in FY21-22, have bounced back and reported profits of Rs 2,195 crores during FY22-23.

Moreover, the Bank has reduced its gross as well as net non-performing assets (NPAs) with the gross NPA reducing from 6 percent during FY21-22 to 5 percent in FY22-23 and net NPA taking a downshift from 1.66 percent to 1.17 percent.

Bandhan Bank Limited is involved in the business of providing various banking services. The Bank also offers various asset and liability products & services which are basically designed for general and micro banking. It generates most of the revenue from the ‘Retail Banking’ segment.

Written by Amit Madnani

The post Mid cap stock slips up to 6.5% after a change in Key Managerial Personnel; Know the details appeared first on Trade Brains.

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