1Q27 – Credit cost improves but RoA aspirations pushed out

研报英文原文证据摘录

1Q27 – Credit cost improves but RoA aspirations pushed out

iQprofile SM Bandhan Bank

Key Income Statement Data (Mar) 2025A 2026A 2027E 2028E 2029E Company Sector

(Rs Millions) Banks-Retail

Net Interest Income 114,906 108,297 122,354 142,252 164,768

Net Fee Income 17,255 17,954 20,827 23,951 27,543

Securities Gains / (Losses) 1,355 3,012 2,500 3,200 3,200 Company Description Other Income 11,056 6,374 9,000 8,000 8,200

Total Non-Interest Income 29,666 27,340 32,327 35,151 38,943 Bandhan Bank is a private-sector bank that focuses on

Total Operating Income 144,572 135,637 154,681 177,403 203,711 serving individuals who are overlooked by the banking

Operating Expenses (70,685) (76,988) (86,547) (96,792) (107,848) system, especially in rural India. Bandhan Bank specialises

Pre-Provision Profit 73,887 58,649 68,134 80,611 95,863 in micro advances and has been expanding the general

Provisions Expense (37,654) (41,311) (29,943) (30,936) (34,764)

banking business to complement the micro loan business.

Operating Profit 36,233 17,338 38,191 49,675 61,099

Non-Operating Income 0 0 0 0 0 It has 1000+ branches across India.

Pre-Tax Income 36,233 17,338 38,191 49,675 61,099

Net Income to Comm S/Hold. 27,453 12,236 28,567 37,157 45,702

Adjusted Net Income (Operating) 27,453 12,236 28,567 37,157 45,702 Investment Rationale

Key Balance Sheet Data At 1x PB/ 7x PE valns are tactically attractive, especially with

Total Assets 1,914,763 2,111,237 2,478,228 2,907,481 3,416,674 visibility of turnaround across NIM/ credit cost driving RoA

Average Interest Earning Assets 1,605,101 1,775,842 2,016,427 2,332,522 2,690,634 expansion. Revival in MFI growth and improving asset

Weighted Risk Assets 1,336,641 1,914,324 2,201,472 2,531,693 2,911,447 quality builds confidence.