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Motilal Oswal Report
Bandhan Bank Ltd. reported Q1 FY22 profit after tax of Rs 3.7 billion, above our estimate – supported by margin improvement (170 basis points QoQ) and lower provisions versus our estimate– even as micro finance institutions loans / total assets under management declined 9%/~8% QoQ.
On the liability front, Bandhan Banks current account and savings account ratio came in stable at ~43%, while the proportion of retail deposits improved to ~83% (versus 79% in FY21).
Slippage was elevated at Rs 16.8 billion (annualised slippage ratio of ~9%), with MFI slippage at ~Rs 10.4 billion.
Therefore, the gross non performing asset ratio increased 137 bps QoQ to ~8.2%.
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