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What the record says.
Bandhan Bank reported a strong Q1 FY25 with PAT of INR 1,063 crore (+47% YoY) driven by robust advances growth of 22% YoY and stable NIM of 7.6%. Asset quality improved with gross slippages declining to INR 891 crore from INR 1,017 crore in Q4 FY24. The bank reversed the historical Q1 sequential decline in advances, posting 1% QoQ growth. Management guided for 18-20% loan growth and credit cost of 1.8-2% for FY25. Key risk: the increase in risk weights on the EEB portfolio to 125% reduced CRAR by 362 bps to 15%, potentially constraining growth if capital is not managed carefully.
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Guidance to track
- Management expects overall loan book growth of 18-20% for FY25, with secured book growing faster than EEB.
- Deposit growth will continue to outpace advances growth, with focus on retail deposits.
- Net interest margin is expected to remain in the range of 7-7.5% for FY25.
- Credit cost for FY25 is expected to be in the range of 1.8-2%, despite Q1 coming in lower at 1.6%.
Risks flagged
- The increase in risk weights on EEB portfolio to 125% reduced CRAR by 362 bps to 15%, potentially limiting growth if capital is not managed.
- Management noted stress in SMA books from Punjab and Maharashtra, which could lead to higher slippages.
- The bank is operating with an interim MD&CEO; the board has not yet submitted names to RBI, creating leadership uncertainty.
- CASA ratio fell to 33.4% from 36% QoQ, and competitive deposit market may keep cost of funds elevated, pressuring NIMs.
Key quotes
- We have taken a conservative approach to increase and apportion a higher risk weightage of 125% to our EEB portfolio from earlier 75%.
- Our focus is clearly a risk-calibrated, customer-centric, digital and analytical approach.
- We have seen a steady decline in the slippages from the levels of INR 1,300 crore in the first three quarters of last year to INR 1,017 crore in the last quarter to INR 891 crore in the immediate quarter.
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