Bandhan Bank, despite being a former micro-finance players and considering the impact of demonetization, posted the lowest NPAs amongst scheduled commercial banks with a GNPA ratio of 0.5% in fiscal year 2017. Bank’s loan book grew 35% in fiscal year 2017, the highest amongst scheduled commercial banks which is expected to increase considering the last quarter growth usually high . Additionally, since beginning operations bank have generated increasing non-interest income as a percentage of overall income, improving from 8.66% for March 2016 to 35.38% for the nine months ended December 31, 2017. This increase in non-interest income has helped to improve margins and returns. Further, it aims to garner more non-interest income to reduce the dependency on the core interest income. Going forward, we see the growth to continue as the bank focuses to serve in under banked and underpenetrated markets in India. The bank looks fairly stable in terms of asset quality even as some of its peers are struggling with high NPAs. We recommend our investors should subscribe to the IPO, And it could be a multibagger in long-term.