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What the record says.
Bandhan Bank reported a Q4 FY24 PAT of ₹55 crore, sharply down due to a ₹3,852 crore technical write-off on legacy microfinance loans, primarily from pre-2022 vintages. Excluding this, normalized PAT growth would have exceeded 30%. Net interest income grew 16% YoY to ₹2,866 crore, with NIM improving to 7.6% aided by lower slippages. Gross NPA fell to 3.8% from 7% QoQ after the write-off. Management guided for 17-20% loan growth in FY25, with credit costs normalizing to 1.8-2%. Key risks include the pending CGFMU audit outcome and CEO succession uncertainty.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects total advances to grow 17-20% over the next 2-3 years, with EEB growing 14-15%.
- CFO guided for total portfolio credit cost between 1.8% and 2% in FY25, down from 3.4% in FY24.
- Bank aims for liability-first approach with deposits growing faster than assets to improve CD ratio.
- Management expects the pending CGFMU audit to conclude in Q1 FY25, with a positive outcome anticipated.
Risks flagged
- The pending CGFMU audit may not yield the expected positive result, potentially impacting recoveries and capital.
- Founder MD & CEO Chandra Shekhar Ghosh is retiring on July 9, 2024, and a successor has not yet been identified, creating leadership uncertainty.
- Despite improvement, slippages remain elevated at ₹1,017 crore; analysts questioned whether the run rate is truly sustainable.
- OpEx grew 32% YoY in Q4 (23% adjusted for one-offs), and management expects cost-income ratio to remain elevated in FY25 due to investments.
Key quotes
- We have reviewed our legacy portfolio and, as a prudent measure, have done a technical write-off during the quarter, which resulted in lower profits for the quarter.
- I think we are almost at a stage of closure of the audit process. Management is extremely confident about the positive outcome of this.
- This is my last call, and you have helped me lots of... I honor all of your support and the help.
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