Bandhan Bank surpasses YES Bank market cap; becomes 7th most valued bank

Bandhan Bank
Bandhan Bank has surpassed YES Bank's market capitalisation (market cap) to become the sixth most valuable private sector bank and seventh most valued listed lender on Wednesday.

At 01:44 pm; with market capitalisation (m-cap) of Rs 840 billion Bandhan Bank, was stood ahead of YES Bank, which has m-cap of Rs 838 billion, the BSE data shows.

The stock of Bandhan Bank had hit an intra-day high of Rs 719 on Tuesday, its highest level since listing on March 27, 2018. Post listing, the stock outperformed the market by surging 76% as compared to 13% rise in the S&P BSE Sensex. It gained 92% over the issue price of Rs 375.

Shares of Bandhan Bank was trading 1% higher at Rs 706, surging 26% in past 11 trading sessions, after the bank reported a healthy 47.5% year on year (Y-o-Y) growth in net profit at Rs 4.82 billion in June quarter (Q1FY19), on back of strong operational income. The private sector lender had a profit of Rs 3.27 billion in year ago quarter.

Net Interest Income or NII for the quarter grew by 39.5% at Rs 10.37 billion as against Rs 7.43 billion in the corresponding quarter of the previous year. Net Interest Margin or NIM during the quarter under review stands at 10.27% against 10.75% in year ago quarter and 9.69% for FY2017-18. Assets quality remained stable sequentially with gross non-performing assets (NPA) ratio in Q1FY19 stood at 1.26% against 1.25% as on March 2018. Net NPA stood at 0.64% against 0.58% in the previous quarter.

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said "The start of FY2018-19 has been promising with advances growing Y-o-Y by 52%, overcoming the seasonality, which we normally witness during the first quarter. We will strive to maintain the growth and quality of assets during this financial year"

YES Bank, on the other hands, was trading 1.5% lower at Rs 362, falling 5% during the same period. The market price of private sector lender hit an all-time high of Rs 393 in intra-day trade on July 19, 2018.

  Market cap in Rs billion
Name 31/07/2018 01/08/2018*
HDFC Bank 5765 5729
SBI 2618 2592
Kotak Mahindra Bank 2496 2499
ICICI Bank 1955 1946
Axis Bank 1413 1391
IndusInd Bank 1198 1204
Bandhan Bank 835 842
YES Bank 849 837
Bank of Baroda 406 395
IDBI Bank 246 247
     
*At 02:10 PM:                                                      Source : BSE