Bandhan Bank (Bandhan) reported subdued Q2FY24 PAT at INR 7.2bn (flattish QoQ; RoA at 1.9%) while asset quality deteriorated QoQ. Despite higher-than-expected slippages and flattish PCR, the bank reported stable (and lower-than-expected) credit costs as there were nil write-offs. Unlike other players, asset quality improvement has been much slower at Bandhan.