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What the record says.
Bandhan Bank delivered a strong Q4 FY26 with PAT of ₹534 crore (+68% YoY), driven by margin expansion to 6.2% (up 30bps QoQ) and sharp improvement in asset quality. Slippages fell to ₹1,028 crore (from ₹1,314 crore in Q3), led by the MFI segment where collection efficiency (ex-NPA) improved to 99.3%. The bank achieved its secured mix target of 58% a year early, with secured loans growing 25% YoY. Management guided for ROA of 1.6-1.8% by Q4 FY27, supported by further credit cost reduction (target 1.6-1.7%) and NIM improvement of 10-20bps over 2-3 quarters. Key risks include potential impact from geopolitical tensions (war) on the MFI portfolio and elevated operating expenses due to non-recurring items.
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Guidance to track
- Management reiterated guidance for return on assets to reach 1.6-1.8% by exit of FY27, driven by credit cost improvement, higher other income, and operating leverage.
- Expect further margin expansion from current 6.2% as cost of funds benefits from term deposit repricing continue.
- Aimed at reducing credit cost from current 2% level, supported by improving MFI portfolio and stable asset quality.
- Priority sector lending certificate costs expected to halve from FY26 levels, with near-zero cost targeted in subsequent years.
Risks flagged
- Management flagged potential adverse effects from ongoing war on fuel prices, supply chains, and rural economy, which could affect MFI collections.
- Transition to expected credit loss norms may require ₹1,250 crore additional provisions, impacting CET1 by 16-17bps annually over 5 years.
- Q4 opex rose 10% QoQ due to non-recurring items (PSLC cost, IT expenses); management expects normalization but cost control remains a focus.
- Management noted rising deposit rates in March; ability to grow granular retail deposits without margin pressure is a key challenge.
Key quotes
- This quarter marked an improvement across many key parameters reflecting strengthening fundamentals across our core businesses.
- We have not yet crystallized the target to what percentage we come, but definitely our focus is that we will continue to improve.
- The EV segment has not only stabilized but also delivered good sequential growth reinforcing our confidence in the portfolio.
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