Nifty Bank Top Loser: Bandhan Bank Hits Lowest in 2022, Nears 52-Week Low Post Q2

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Nifty Bank Top Loser: Bandhan Bank Hits Lowest in 2022, Nears 52-Week Low Post Q2
Credit: © Reuters.

By Malvika Gurung -- Shares of the private lender Bandhan Bank (NS: BANH ) plunged 10% and were trading 9.74% lower at Rs 239.15 apiece at the time of writing, nearing the 52-week low of Rs 229.55 apiece achieved on Dec 27, 2021.

The banking stock tanked after the company posted a weak operating performance during the Jul-Sep 2022 quarter, trading at its lowest in the ongoing calendar year 2022 on Monday. 

The scrip defied the broader market mood as benchmark indices Nifty50 and Sensex traded up to 1.15% higher while writing, and was the worst performer on the sectoral indices Nifty Bank and Nifty Private Bank .

The Kolkata-based lender’s net profit in Q2 FY23 stood at Rs 209.3 crore, tumbling 77% sequentially and compared to a Rs 3,009 crore loss in the year-ago period.

Its net interest income rose 13.3% YoY and slipped 12.8% QoQ to Rs 2,193 crore and provisions jumped twice sequentially to Rs 1,279 crore. Its net interest margins fell 100 basis points QoQ to 7%.

According to analysts, the bank’s slippages remained at an all-time high of 21% in the quarter under review. 

Nuvama Institutional Equities has noted that despite a tedious slippage situation, Bandhan Bank’s SMA pool remained unchanged sequentially, indicating high slippage even in Q3FY23, while slashing its EPS estimate for the lender by 40% for FY23.

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