ICICI Direct has given Buy recommendation for Bandhan Bank with a target price of Rs. 365 in its research report issued on May 16, 2022

ICICI Direct’s research report on Bandhan Bank

Bandhan Bank was incorporated in 2015 as the RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India with MFI loans being its forte. Total 63% of loans are from emerging enterprise business (EEB) • The bank has 1189 branches in 34 states, UTs & customer base of 2.6 crore.

Outlook

We upgrade our rating on the stock from HOLD to BUY. We value Bandhan Bank at ~2.6x FY24E ABV and assign target price to Rs 365 per share.

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