Bandhan Bank – High Earnings Visibility On Back Of Continued MFI Dominance: Nirmal BangDecember 20, 2020
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Bandhan Bank Ltd. enjoys a dominant position in the Indian micro-finance industry.
Having maintained 20% market share over the last four years, we believe that Bandhan Bank is strongly positioned to gain in an industry which is expected to grow at 15% compound annual growth rate over FY21-26E.
The bank’s loans have grown at a 30% CAGR over FY17-20, backed by very high-quality and granular growth in deposits.
While micro-finance is expected to continue on the strong growth trajectory for the bank, we expect non-micro-finance segments to grow at a higher rate given the management’s vision 2025.
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