Bandhan Bank earnings were a miss on account of the technical write-off of loans; however, operating profits met our expectations. Net Interest Income (NII) for Q4FY24 stood at INR 28,663 Mn, a growth of 16.0% YoY/ 13.5% QoQ. The NII was a beat compared to our estimates, led by better-than-expected yields on assets. Pre-Provision Operating Profits (PPOP) grew by 2.4% YoY/ 11.1% YoY to INR 18,385 Mn. PPOP was in line with our estimates. The net profit for Q4FY24 stood at INR 546 Mn, with a de-growth of 93.2% YoY (-92.5% QoQ), primarily led by higher provisions. The net profit was a miss compared to our estimates due to significantly high provisions during the quarter.