UBS on Bandhan BK
Neutral, TP cut to Rs 185 from Rs 230
Earnings to remain under pressure
MFI stress to drive higher credit costs & lower NIMs
BK's MFI PAR 1-90 was at 3.3% in Q2; Industry at 5.4% in Nov
Cut EPS by c11% as raise credit costs & reduce NIMs
Neutral, TP cut to Rs 185 from Rs 230
Earnings to remain under pressure
MFI stress to drive higher credit costs & lower NIMs
BK's MFI PAR 1-90 was at 3.3% in Q2; Industry at 5.4% in Nov
Cut EPS by c11% as raise credit costs & reduce NIMs