Elevated MFI slippages may persist
Despite SMA 0 improvement, SMA 1+2 buckets increased, and management expects Q4 slippages to remain substantial (though lower than Q3).
BANDHANBNK / Q3-FY25 / risks
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Bandhan Bank · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Karnataka MFI ordinance impact
Analyst raised concern about potential Karnataka legislation; management downplayed risk given small exposure (INR 740 crore), but uncertainty remains.
NIM compression from secured shift
As secured mix increases, NIM is expected to moderate further, potentially pressuring profitability if volume growth doesn't compensate.
OpEx growth outpacing income growth
Adjusted OpEx grew 23% YoY, higher than NII growth of 12%, driven by technology investments and branch expansion, which may weigh on near-term efficiency.