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Where this quarter sits.
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What the record says.
Bandhan Bank reported a strong Q3 FY24 with PAT surging 152% YoY to INR 733 crore, driven by robust loan growth and stable asset quality. Advances grew 18.6% YoY to INR 116,000 crore, with secured assets reaching 44.5% of the portfolio. NIM held steady at 7.2% despite cost pressures. The bank completed a core banking system migration, which caused a temporary spike in slippages in October, but monthly run-rate normalized by December. Management expects continued growth momentum in Q4 and guided for ROA of 2.5%-2.8% and ROE of 14%-18% over the medium term. Key risks include the ongoing CGFMU forensic audit and potential margin compression as the mix shifts toward secured assets.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects secured portfolio share to increase from current 44.5% to nearly 50% by FY26.
- Management guided NIM to stay around 7%-7.5% in the near term, with a strategic review in March.
- Medium-term guidance for ROA and ROE, with detailed three-year plan to be shared after February strategy meet.
Risks flagged
- NCGTC is conducting a detailed forensic audit on CGFMU claims; adverse findings could impact recoveries and provisions.
- As the bank increases secured asset share, yields may decline, potentially pressuring NIMs despite cost controls.
- Management expects INR 300-500 crore quarterly slippage addition, but this may vary if collection efficiency weakens.
Key quotes
- We expect the run rate to further fall down in the current quarter.
- The bank is fully cooperating and submitting all the documents requested by the audit agency. The audit is currently underway.
- We are well on our way to achieving long-term strategic goals of portfolio and geographical diversification.
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