Arihant Capital recommended hold rating on Bandhan Bank with a target price of Rs 505 in its research report dated January 11, 2019.
Arihant Capital 's research report on Bandhan Bank
Bandhan Bank reported strong set of numbers during the quarter despite 100% provision of Rs. 385 crore made on one large infra account. This drag down the profit growth to 10% YoY to Rs. 331 cr. but operating performance of the bank was strong. Net Interest Income came in at Rs 1124 cr for Q3FY19 as against Rs 732 cr in Q3FY18 registering a robust growth of 54%.
At CMP of Rs 454, the stock is trading at 23.9 P/E(x) and 4.2 P/ABV(x) to its FY20E of Rs 19.0 EPS and Rs 107.4 ABV respectively.
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