BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Bandhan Bank Ltd. has underperformed Bank Nifty by 20-25% over past three months/six months/ 12 months.
State-specific events in its dominating geographies of West Bengal and Assam led to deviation from its track record of better resilience than peers.
There was disappointment in collection efficiency (sub-90% in January 2021), credit cost (more than 5.5% annualised run-rate in Q3 FY21) and proforma gross non-performing assets (spiked to 7.12%).
Besides Q3 FY21 performance, uncertainty around election outcome in its dominating state has also weighed on stock performance.
However, All-India Trinamool Congress has won the West Bengal state election, thereby suggesting status quo in state administration.
This will subside the major overhang of election outcome on stock performance.
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