Despite QoQ flattish NIMs, Bandhan Bank (Bandhan) has reported soft Q1FY24 earnings due to a sharp decline in AUM QoQ, elevated opex, while headline asset quality has deteriorated. PAT declined 11% QoQ to Rs7.2bn, pulled down by flattish NII QoQ and a rise in opex on the back of sizeable branch expansion (branches are up 130 QoQ).