Motilal Oswal: Bandhan Bank’s Collection Trends Improving Steadily; Liability Franchise Strong
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Motilal Oswal Report
Bandhan Bank Ltd. reported in-line operating profits, while net earnings came in above our estimates.
The beat was led by lower provisions despite the bank providing Rs 3 billion toward Covid-19 (total Covid-19-related provisions of Rs 17.4 billion).
Business trends improved, with micro finance institution loans growing 5% QoQ, and current account and savings account grew 12.5% QoQ.
Management indicated for pickup in mortgage/commercial banking business with opening of new banking outlets and target to reach 30% each of the total asset under management by FY25.
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