Bandhan Bank shares reverse opening losses; Macquarie sees 24% potential upside

Bandhan Bank share price, Bandhan Bank Q4 results: Bandhan Bank shares in early trade during the special trading session on Saturday saw a weak opening after the private lender reported its Q4FY24 numbers post market hours on Friday.

Nevertheless, at around 9:24 am, the stock pared its opening losses and was trading higher by 1.49 per cent at Rs 183.9, while at day’s high it scaled to Rs 185.6, gaining over 2 per cent.

In the quarter-ended March, the Kolkata-based bank’s net profit slumped 93.2 per cent on-year to Rs 54.6 crore on account of increased provisions and bad loan write-offs. Zee Business analysts’ estimated the profit to come in at Rs 890 crore for the reporting quarter. In the same quarter last fiscal, the bank’s net profit stood at Rs 808 crore.

The provisions and contingencies at the lender climbed to Rs 1774 crore from Rs 735 crore a year earlier. The asset quality at Bandhan Bank logged an improvement on the back of write-offs, with gross non-performing asset ratio (GNPA) reducing to 3.84 per cent during the reporting quarter as against 7.02 per cent in the quarter-ended December.

What do brokerages suggest for Bandhan Bank post Q4FY24 results?

Global brokerage Macquarie has accorded a ‘neutral’ view on the counter for a target of Rs 225, implying potential gains to the tune of 24 per cent from the previous close.

(With inputs from agencies)

(This story will be updated shortly)