BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
Bandhan Bank Ltd. reported a strong performance in Q4 FY22, which was ahead of our expectations driven by pick-up in credit growth, improved net interest margins, negligible provisions and a significant improvement in asset quality.
Gross non-performing asset improved to 6.5% versus 10.8% QoQ, aided by moderation in slippages (down ~60% QoQ) and write-off and better recoveries.
Collection efficiency including NPA customers improved to 94% versus 91% QoQ. The CE in the key states of West Bengal and Assam also witnessed improvement with CE at 97/93% in Q4 FY22 versus 96/91% QoQ respectively.
Bandhan Bank also witnessed a sharp decline in the emerging entrepreneurs business (micro finance institution) special mention account (0-90 days past due) pool from 11.1% in Q3 FY22 to 6.5% in Q4 FY22, with a similar encouraging trend in the West Bengal and Assam SMA book.
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