Whalesbook
Profit ka toofan kaise aaya?
Asal mein, bank ka Net Interest Margin (NIM) 30 basis points badh kar 6.2% ho gaya hai. Iske peeche ka reason hai funding cost mein 20 basis points ki kami aur loan par zyada interest milna, jisse yield 10 basis points badh gaya. Simple bhasha mein, bank ne paisa kam kharch kar ke zyada kamaya.
Aisa record profit kabse?
Is quarter mein Bandhan Bank ne ₹5.3 billion ka profit report kiya, jo pichhle saal se 68% zyada hai. Yeh numbers 32% tak analyst expectations se upar the! Bank ka Net Interest Income bhi 4% badh kar ₹27.9 billion ho gaya. Result aate hi, stock 10.5% bhaga aur ₹197.52 ke 52-week high ko touch kiya. Trading volume bhi 90.70 million shares ka tha, matlab market mein kacchaal mach gaya!
Competitors aur Analysts kya bol rahe hain?
Agar dusre small finance banks se compare karein toh Bandhan Bank ka P/E ratio 28.5x hai, jo Ujjivan SFB ( 22.65x ) se zyada par AU SFB ( 33.76x ) se kam hai. Analysts ka sentiment positive hai. Motilal Oswal ne 'Buy' rating rakhte hue target ko ₹210 kar diya hai. Emkay ne ₹220 aur JM Financial ne ₹200 ka target diya hai.
Chintaayein kya hain?
Lekin sab kuch perfect nahi hai. Asset quality par abhi bhi sawaal hain. Gross NPAs (GNPA) 3.27% hain, jo pichhle saal ke 4.71% se kam hain aur bank ke 5-saal ke average 6.60% se bhi behtar hain, par abhi bhi peers se zyada hain. Bank ₹6,931 crore ke stressed assets ko bhi sell karne ka plan bana rahi hai. NIM 6.2% hai, par pichhle saal isse zyada 6.7% tha. CASA ratio bhi kam ho kar 29% ho gaya hai, jisse future mein funding cost badh sakta hai. Aur 28.5x ka P/E kuch logon ko expensive lag raha hai.
Aage ka plan?
Analysts ko lagta hai ki FY27-28 tak RoA 1.3%-1.5% tak pahunchega. Ab dekhna yeh hai ki bank apni margin growth ko maintain kar paati hai ya nahi, asset quality ko kaise manage karti hai aur competition ko kaise face karti hai. Par filhaal ke liye, results toh solid hain!