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ICICI Securities Report
Bandhan Bank Ltd. reported Q4 FY26 net profit of Rs 530 crore (+160% QoQ; off a low base), driven by lower credit costs on the back of improved slippages and contained write-offs, while pre-provision operating profit was flat QoQ. EEB, after multiple quarters, saw a jump in growth to 8% QoQ. EEB slippages improved to a multi-quarter low of ~5.1%, with SMA pool improving to 3.1% (vs 4.6% QoQ) and negligible stress formation.
The bank guides for 14–15% loan growth in FY27 with rising NIM and expects RoA improvement to 1.6–1.8% by exit FY27, driven by credit cost moderation and fee income growth.
The brokerage sees Bandhan Bank as a key beneficiary of easing stress and growth revival in MFI. Maintains Buy with an increased target price of Rs 230 (vs Rs 175), based on ~1.3x (~0.9x) FY28E ABV.
Risk: Higher-than-expected stress impacting growth/RoA.
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