Bandhan Bank share price target: Nomura India has cut its target price to Rs 270 from Rs 325 earlier, Kotak Institutional Equities to Rs 260 from Rs 280, Nuvama to Rs 242 from Rs 255 and Nirmal Bang to Rs 247 from Rs 325.
Bandhan Bank s Q1FY24 results show a decline in PAT by 18.66% YoY to ₹721.05 crore and NII at ₹2,490.8 crore. Deposits grew 16.6% YoY at ₹1.08 lakh crore, while loan portfolio grew 6.7% YoY at ₹1.03 lakh crore. GNPA improved to 6.76% and net NPAs stood at 2.18%.
The fall in profit was steeper than expected as most analysts saw the decline to be around 14%. For instance, Axis Securities expected the net profit figure to be around Rs 758 crore.
Bandhan Bank said net interest income (NII) for the quarter increased 11.53 per cent YoY to Rs 4,523 crore from Rs 4,055 crore in the same quarter last year.