External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>About the stock: Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India with MFI loans being its forte.</p><ul><li>Total 66% of loans are from emerging enterprise business (EEB)</li><li>Also, 1152 branches in 34 states, UTs and total customer base of 2.3 crore</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India with MFI loans being its forte.Total 66% of loans are from emerging enterprise business (EEB)Also, 1152 branches in 34 states, UTs and total customer base of 2.3 croreContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bandhan Bank: Weak Performance; Still Time to Recover

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355/share, implying an upside of 11% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355/share, implying an upside of 11% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bandhan Bank: Business Momentum and Collections Take a Hit!

<p>*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan Bank</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan BankContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CONSULTATIVE DOCUMENT ON REGULATION OF MICRO FINANCE

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

Bandhan Bank: Weak Performance; Still Time to Recover

Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India...

ICICI Securities Limited

Bandhan Bank: Business Momentum and Collections Take a Hit!

COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355...

Axis Direct

CONSULTATIVE DOCUMENT ON REGULATION OF MICRO FINANCE

*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan Bank

Axis Direct

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