Bandhan offers credit card in tie-up with Standard Chartered
The bank is now moving to premium segment after launching four years ago with basic banking services. The stock was very volatile during intraday trade on Friday.
Bandhan Bank's partnership with Standard Chartered Bank for this credit card offering will give Bandhan the expertise and foreign exposure to give customers a good experience.
The co-branded credit cards are available in three variants; namely One - for masses, Plus - for affluent customers and Xclusive - for the premium customers. Attractive reward points, offers on flights and hotels, fuel surcharge waiver, airport lounge access are some of the features of this offering.
On the financial front, for Q1FY20, Bandhan Bank registered a net profit of Rs. 701 crore as compared to Rs. 482 crore in Q1FY19, an increase of 45 per cent YoY. The bank posted NIM of 10.45 per cent as compared to 10.27 per cent a year ago. In Q1FY20, total advances were Rs. 45,420 crore as compared to Rs. 32,590 crore in Q1FY19 and total deposits were Rs. 43,701 crore.
On Friday, the stock of Bandhan Bank closed at Rs. 459.95 per share, up by Rs. 2.60 or 0.57 per cent on BSE. The stock opened at Rs. 463.00, which is also its day's high and hit an intraday low of Rs. 455.55 per share.