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Revenue
₹4,491.93 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bandhan Bank reported a strong Q2 FY24 with PAT surging 245% YoY to INR 721 crore, driven by improved collection efficiency and lower credit costs. Advances grew 12.3% YoY with secured loan share reaching 44%, up from 38% a year ago. NIM remained healthy at 7.2%, with September exit at 7.3%. Asset quality showed mixed trends: gross NPA rose to 7.3% but DPD pools contracted, and post-COVID book GNPA stood at 2.6%. Management reiterated credit cost guidance of 2% ±20bps for FY24 and loan growth of ~20% YoY, backed by festive demand and new CBS platform. Key risks include elevated slippages from the EEB book and delays in CGFMU recoveries.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall advances to grow nearly 20% year-on-year, driven by festive demand and strong disbursements in H2.
- The bank expects credit cost to remain in the range of 1.8% to 2.2% for the full year, supported by lower slippages and higher recoveries in H2.
- Management guided for operating expenses to assets ratio of 3.5% for FY24, with balance sheet growth in H2 absorbing costs.
- The bank aims to increase the share of secured assets to 50% of total advances by fiscal year 2026, up from 44% currently.
Risks flagged
- Despite DPD reduction, gross slippages remained high at INR 1,320 crore, with EEB contributing INR 1,000 crore. Management expects H2 improvement but past trends show elevated slippages in H2 as well.
- CGFMU recovery of ~INR 1,600 crore delayed due to audit queries; ECLGS recovery of INR 410 crore pending due to operational constraints. Management could not provide a timeline.
- Cost of funds expected to rise 20-25 bps in coming quarters due to savings rate hike and term deposit repricing, which could pressure NIMs despite higher yields.
- Housing finance book grew only ~4% YoY, lagging other segments. While disbursement run-rate has improved, sustained growth remains uncertain.
Key quotes
- We expect to have nearly 50% of our portfolio will be secured by financial year 2026.
- The post-COVID portfolio, consisting of all loans disbursed after June 2022, clearly turning out to be a strong one. Gross NPA ratio of the post-COVID book stands at 2.6%.
- We feel that it will be 20 basis points or 25 basis points going up, and next 2 quarters. Yeah, but it will be compensated with higher yield, so we will remain in the range of 7-7.5 on the mean side.
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