2/5/2025, 4:49:02 pm

Buy Bandhan Bank; target of Rs 207: Anand Rathi

Bandhan Bank's Q4 performance was better than expected despite MFI segment challenges. Slippages rose but SMA book improved, signaling lower stress. With 17 quarters of stress recognition in EEB, future stress is expected to be lower than industry levels. The bank aims for a medium-term RoA of ~1.5% with a Buy recommendation and 12-month TP of Rs 207.