Bandhan Bank will explore options for the dilution of promoter’s stake and comply with the licensing conditions of the Reserve Bank of India after the regulator last month restrained the lender from opening branches without prior approval and freezed remuneration of the bank’s managing director and CEO Chandra Shekhar Ghosh.

The RBI’s restriction came as the bank was not able to bring down shareholding of its non-operative financial holding company (NOFHC), Bandhan Financial Holdings, to 40 per cent, from the current level of 82 per cent.

Addressing the quarterly earnings conference in Mumbai, Ghosh on Wednesday said that the lender has options such as offer for sale or merger and acquisition depending upon the business opportunities on the table.

“We are evaluating the options,” said Ghosh adding the bank was yet to send a proposal on the same to the RBI.

“If there is an opportunity of any inorganic opportunity which is in line with our strategy and it makes sense for the bank and its shareholders, we will look at raising capital at the bank level. The existing shareholders (NOFHC) can do a secondary sale. But currently their shares are in lock-in, so that can happen after March 2019,” Sunil Samdani, chief financial officer, had said in a conference call last month.

Profit soars

The bank has reported a 47.4 per cent growth in its net profit at Rs 488 crore in the September quarter, aided by a higher growth in interest income. Profit after tax stood at Rs 331 crore in the same quarter last year.

“Our net interest income grew over 55 per cent, which helped in the profitability. Also, our loan growth was 51 per cent and NPA movement was restricted,” Ghosh said. The bank’s net interest income for the quarter rose to Rs 1,078 crore from Rs 693 crore in the year-ago quarter, while its net interest margins stood at 10.3 per cent compared with 9.3 per cent a year ago.