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Motilal Oswal Report
Bandhan Bank Ltd.'s stock has corrected sharply in recent days owing to concerns over its Assam portfolio as 85-90% of total districts in the state have been affected by severe floods.
As Assam constitutes ~9% of micro finance institutions loans and ~8% of total banking units for Bandhan Bank, the ongoing flood situation will affect collection trends over the near term.
Its special mention account book for Assam and West Bengal stands at 8.5%/8.2% (versus 46.4%/41.3% in Q1 FY22), with restructured assets of Rs 54.2 billion (5.8% of loans). We expect the stress dissolution rate to now moderate.
Our profit after tax and accredited in business valuation projections have witnessed sharp swings of -24% to 22% over the past five quarters.
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