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What the record says.
Bandhan Bank reported a strong Q4 FY26 with PAT of INR 534 crore, up 68% YoY, driven by margin expansion (NIM at 6.2%, up 30bps QoQ) and lower credit costs (2% vs 3.3% in Q3). Advances grew 13% YoY to INR 1.54 lakh crore, with secured book now 56% of portfolio. Asset quality improved: gross slippages fell to INR 1,028 crore (from INR 1,314 crore in Q3), and collection efficiency ex-NPA reached 98.9%. Management guided for ROA of 1.6-1.8% by Q4 FY27, supported by further NIM improvement of 10-20bps, lower credit costs, and higher fee income. Key risk: potential macroeconomic headwinds from geopolitical tensions (war) impacting fuel prices and rural demand.
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Guidance to track
- Management reiterated guidance to achieve ROA of 1.6-1.8% (give or take 10bps) by exit of FY27, driven by margin improvement, lower credit costs, and higher fee income.
- Expect further NIM expansion of 10-20bps from current 6.2% level, driven by continued reduction in cost of funds as term deposits reprice.
- Credit cost expected to improve from current 2% to 1.6-1.7% by Q4 FY27, aided by sustained collection efficiency and lower slippages.
- Priority sector lending certificate cost expected to halve in FY27 compared to FY26, with near-neutralization by FY28, driven by process improvements in EEB and direct agri loans.
Risks flagged
- Management flagged potential adverse effects from ongoing war on fuel prices, inflation, and rural demand, which could impact asset quality and credit costs.
- Transition impact of ECL norms estimated at INR 1,250 crore (based on Dec'25 portfolio), with annual CRAR impact of 16-17bps over 5 years. Flow impact still being assessed.
- Management noted rising deposit rates offered by competitors, which could pressure cost of funds and margin expansion if the bank needs to offer higher rates to retain deposits.
Key quotes
- We have already achieved that or near to achieving that. As if you see my Q4 results, we are already at 56% and another 44% is unsecured for it.
- The guidance we had mentioned was between 1.6% to 1.7% by the exit of FY 2027, which is by Q4 FY 2027, give or take 10 basis points. We will still endeavor to work towards that.
- These are all rumors. I have already, we have already said for the year these are all rumors, so nothing is going at the holdco level. Nothing is going to affect the shareholding pattern of the bank.
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