Mumbai, May 2
Private lender Bandhan Bank today reported a 67% growth in March quarter net income at Rs 651 crore on higher non-core income which almost doubled, coupled with a faster clip on the assets side.
The micro-lender turned commercial bank, whose promoters were struggling to bring down his holding in the bank in accordance with the RBI norms, will go for an offer-for-sale to reduce the holding, MD CS Ghosh said.
He also said an acquisition, which can serve as an alternative to reduce promoter holding, is off the table for the time being. However, Ghosh did not share a timeline by when he expects the sale process will be completed.
It can be noted that the promoters were unable to bring down their holdings to RBIs insistence of 40% last year, which resulted in restrictions on branch expansion. — PTI
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