research report on bandhan bank

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Bandhan bank q3 results: profit surges 2.5 times yoy to rs 733 crore.

The bank's net interest margin (NIM) for the quarter improved to 7.2% from 6.5% while credit cost eased to 2.5% from 6.4%. Provisions were at Rs 684 crore as compared with Rs 1542 crore.

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• Consensus Bandhan Bank Limited

INE545U01014

Evolution of the Average Target: Bandhan Bank Limited

Evolution of the target price: bandhan bank limited, changes in analyst recommendations: bandhan bank limited, analysts' recommendations: bandhan bank limited.

Sector Comparison: Financials Banking & Investment Services Banking Services Banks Commercial Banks

Analysts' Consensus

Analyst consensus detail, consensus revision (last 18 months), analysts covering the company.

Quarterly earnings, Rate of surprise

• Stock Market
• BANDHANBNK Stock

• SECTOR : BANKING AND FINANCE
• INDUSTRY : BANKS
• BANDHAN BANK LTD.

Bandhan Bank Ltd.

NSE: BANDHANBNK | BSE: 541153

200.30 6.37 ( 3.28 %)

52W Low on Jun 04, 2024

High volume today.

NSE 30 Aug, 2024 3:31 PM (IST)

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Broker average target upside potential%

Broker 1Year buys

1 active buys

Broker 1Year sells

0 active sells

Broker 1Year neutral

5 active holds

Broker 1M Reco upgrade

0 Broker 1M Reco upgrade

Bandhan Bank Ltd. share price target

Bandhan bank ltd. has an average target of 230.50. the consensus estimate represents an upside of 15.08% from the last price of 200.30. view 18 reports from 6 analysts offering long-term price targets for bandhan bank ltd...

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• Bandhan Bank Ltd

Bandhan Bank Ltd Banks | NSE : BANDHANBNK

• Target : 330.0 (15.38%)
• Target Period : 12-18 Month

25 Jul 2022

Delinquencies volatile; recovery in 2hfy23 watchful.

Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and north-eastern India with MFI loans being its forte.

• Total 60% of loans are from emerging enterprise business (EEB)
• The bank has 1190 branches in 34 states, UTs & customer base of 2.7 crore

Mixed quarter as expected

• GNPA up 79 bps QoQ to 7.2%, Restructured book at ₹5800 crore
• NII up 18.9% YoY & down 1% QoQ, NIMs contract 70 bps QoQ to 8%
• Provision rise to ₹642 crore; PAT down 53% QoQ but up 137% YoY (low base)
• Loan growth at 14.1% YoY and 12.9% QoQ, while deposits up 23% YoY

Uncertainties over series of events including Covid and related stress formation & recent floods in Assam has impacted performance and thus led to underperformance in stock price. Though, operating metrics have improved, recoveries from restructured pool will trigger earning & price momentum.

We value Bandhan Bank at ~2.2x FY24E ABV and revise our target price from ₹ 365 to ₹ 330, until clarity emerges on recoveries

• MFI regulation & Assam floods impact credit off-take; regaining traction in EEB disbursement to aid growth with a shift towards non-EEB book
• Assam floods & restructuring book coming out of moratorium impacted collection efficiency; existing provision, recovery from Assam relief scheme to keep credit cost steady and arrest volatility in earnings
• Steady margins, lower credit cost to offset higher opex and aid earnings. 

Besides Bandhan, in our coverage we also like HDFC Bank.

• HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations
• BUY with a target price of ₹ 1650

Particulars

Shareholding pattern

Price Chart

Recent events & key highlights.

• GNPA up 79 bps QoQ to 6.46%, EEB stress pool at |12100 crore

Research Analyst

Kajal Gandhi [email protected]

Key Financial Summary

Variance Table

Financial Summary

Profit and loss statement ₹ crore.

Key ratios ₹ crore

Balance Sheet ₹ crore

Cash flow statement ₹ crore, previous reports pdf:, analyst certification.

I/We, Kajal Gandhi, CA, Vishal Narnolia, MBA, Sameer Sawant, MBA Research Analysts, Pravin Mule, MBA, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.               

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CIN: L67190WB2014PLC204622

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