Tag: CASA

Bank of Maharashtra tops PSU banks in terms of loan, deposit growth, BFSI News, ET BFSI

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State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth during financial year 2020-21. The lender recorded 13.45 per cent increase in gross advances at Rs 1.07 lakh crore in 2020-21, as per the published data of BoM.

It was followed by Punjab & Sind Bank which posted 8.39 per cent growth in advances with aggregate loans at Rs 67,811 crore at the end of March 2021.

When it came to deposit mobilisation, BoM with nearly 16 per cent growth was ahead of even the country’s largest lender State Bank of India, which recorded 13.56 per cent rise.

However, in absolute terms SBI’s deposit base was 21 times higher at Rs 36.81 lakh crore as against Rs 1.74 lakh crore of BoM.

Current Account Savings Account (CASA) for BoM saw 24.47 per cent rise, the highest among the public sector lenders, during the year.

As a result, CASA was 54 per cent or Rs 93,945 crore of the total liability of the bank.

According to the announced quarterly numbers, Central Bank of India achieved second spot by recording 11.46 per cent growth in CASA at Rs 1.61 lakh crore.

Total business of BoM increased 14.98 per cent to Rs 2.81 lakh crore.

For the full year 2020-21, BoM’s standalone net profit jumped nearly 42 per cent to Rs 550.25 crore. In the previous year, the profit was Rs 388.58 crore.

The bank’s asset quality improved significantly as the gross bad loans or gross Non-Performing Assets (NPAs) dipped to 7.23 per cent of gross advances by the end of March 2021 as against 12.81 per cent by the same period of 2020.

In absolute terms, gross bad loans stood at Rs 7,779.68 crore at the end of March 2021, lower than Rs 12,152.15 crore recorded in the year-ago period.

Net NPAs came down to 2.48 per cent (Rs 2,544.32 crore) from 4.77 per cent (Rs 4,145.38 crore).



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RBL Bank aggressive on branch expansion, to add 75 branches in FY22, BFSI News, ET BFSI

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As digital adoption picks up across the board, RBL Bank continues to remain aggressive on its branch expansion to improve its presence across the country. RBL Bank’s head for branch banking, Surinder Chawla, talks about the strategy of branch expansion and business, user behaviour evolving across retail and MSMEs and the way forward. Edited Excerpts:

Surinder Chawla, Head – Branch Banking, RBL Bank

Q. How’s the shift in the branch banking business strategy taking into consideration the impact of the pandemic and lockdowns subsequently?

Multiple changes have happened before and after the lockdown.

The last 3-4 months have been very different from how we look and approach things. The first big change is digitisation. Customer adoption of digital technologies has been very high compared to earlier. That is a big change, and it is a good change from customers as well from the bank point of view. The second big change is that earlier you had to meet clients to get work done and all that is done digitally even from a product perspective. The third big factor is some products which were push based, because of the pandemic/ health concerns of the client, those have become very accepted by the clientele. The biggest jump that has happened is in health insurance. As a strategy what all is happening is our investment in digital has become digitally large. If you want to scale up, serve customers digitally, whether it is full Net banking or Whatsapp banking. We have put almost all of our products and services on the digital platform.

From the liabilities and CASA point of view, engagement has become so much more because digitally frequency is here. The strategy is digital, engaging and making sure that the client does most of the things on his own. We roughly have now 20-25,000 digital accounts being added per month and it was around 12,000 in January-February 2021. Last year this number would have been 5-7,000 before lockdown.

Q. How is the impact on SME and small business clientele? Is the same shift happening at the same speed or is it slow there?

If someone wants to trade in cash, then you have to connect with them physically. Apart from that, everything is digitally possible. We have a way of processing documents digitally. Most of the clients’ needs can be carried through digital channels. RBI last week allowed video KYC for sole proprietorship. Of course, cash will be an exception. There is also enablement happening for the business guys. That shift, which was slow so far, will become very fast paced now.

Q. How’s the user behaviour evolving in MSME clientele and how neo-bank platforms are targeting them?

That is working well. Let us not forget that an MSME business client has never done something digitally, he has done digitally but also done physically. All the neo-banks are providing a layer over the current account and other services like invoicing, billing, tax planning, etc. That demand was there earlier and still there. The changes were primarily on the account opening side. Physical interaction was required but now the video-KYC is available, it is a game-changer. More and more banks are taking trade documents digitally. More and more banks will move services digitally. So, that pace is bound to pick up. The problem will be for those banks who want to deal in cash.Q. What are the plans for RBL bank in the branch expansion model? Would you look at rationalising?

So talking about RBL in specific, we do not have a large network. We only have 429 branches as of March. For us, branch expansion plans continue to be aggressive as we must increase our coverage. Let us not forget that Indian consumers may do a lot of work digitally, having the branch closer will increase their confidence. Branch in my view will still play an important role. The difference will be that the number of branches will decrease compared to before. While engagement is digital, the Indian consumer may want to meet someone for confidence. We are planning to add 75 more branches compared to 40-45 branches last year as we have a small network.

Q. How is the impact of the second Covid wave panning out on customers acquisition, transactions etc?

I will divide the impact on the liabilities and asset sides. For the liabilities apart from the fact that people are not coming to the branches, we were able to do fairly well. We have ramped up our digital capabilities. The number of accounts opened was in the same range as what we were doing earlier. From that angle, there has not been a significant impact. In terms of transactions, only the cash transactions have taken a hit, our customers transacted digitally. The engagement rate was high, and customers did not really face a challenge.

Q. As unlocking of lockdowns has started, what’s the way forward?

On the liabilities side, I expect to be fairly good. We have been spending more time and effort in improving the quality of our liability profile as well. We look to make sure that our book is more granular, our cost of funds has come down, we are able to get more customers. We plan to open branches, we expect that CASA ratio improves.



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Private lender reports record annual profit of Rs 483 cr, BFSI News, ET BFSI

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Bengaluru: Private sector lender Karnataka Bank on Wednesday posted an all time high annual net profit of Rs. 483 crore for the financial year 2020-21, registering a 12% growth over the previous year’s revenues.

The net profit for the fourth quarter ended March 2021 is Rs. 31.36 crore, a 15% jump over the previous year. The bank’s board also recommended a dividend of 18%.

“This turned out to be the best result under the unprecedented tough conditions triggered by Covid-19 pandemic,” Bank’s managing director Mahabaleshwara MS said in a press release.

The business turnover of the bank was at Rs. 1,27,348 crore as on March 31, 2021. The deposits stood at Rs. 75,655 crore and advances at Rs. 51,694 crore. The CASA deposits grew 15% and reached an all time high of 31% of total deposits as on March 31, 2021.

Mahabaleshwara said vaccinations coupled with other measures including restructuring by the RBI will help needy borrowers and the banking sector overcome the challenges posed by the pandemic.

The bank also announced the appointment of Balakrishna Alse S, a former executive director of Oriental Bank of Commerce, as an additional director on its board.



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IDBI Bank has transformed into a retail bank: Samuel Joseph, Dy MD

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During the four years that IDBI Bank was under prompt corrective action (PCA), it transformed itself from a predominantly corporate bank to a retail bank. And the Bank, which exited PCA on March 10, 2021, would like to keep it that way, according to Samuel Joseph J, Deputy Managing Director. In an interaction with BusinessLine, he emphasised that it had aggressively accelerated provisioning, over and above the regulatory requirement, in the past to strengthen its balance sheet. So, write back to profits in the next two to three years, whenever the recovery from stressed assets happens, will be about ₹7,500 crore. Excerpts:

Now that your bank is free from the shackles of PCA, how does it plan to grow business?

During the period that we were under PCA, we were consolidating our position. We completely revamped our risk management policies, especially concerning corporate credit. So, everything was ready (for growing business) before we exited PCA. But unfortunately, the exit coincided with lockdown and related economic uncertainty. However, we will be able to expand our book in FY22. We propose to grow our corporate loan book by 8-10 per cent and our retail book by 10-12 per cent.

There is an impression that our Bank is a corporate bank. But if you look at our March 2021 numbers, our corporate to the retail ratio in the overall loan book was 38:62. This is a significant shift from where we were three-four years ago when the ratio was 60:40.

Going forward, we would like to keep the corporate book at about 40-45 per cent and the retail book at about 55-60 per cent.

And even on the liabilities side, we have transformed our liabilities franchise, and today our CASA (current account, savings account) is 50.45 per cent of total deposits. Even within term deposits, our reliance on bulk deposits is less than 15 per cent. Three years back, CASA was at about 37 per cent.

So, we have used the PCA period well to completely transform our business mix and strengthen the balance sheet.

How did you strengthen the balance sheet?

The first thing was recognition of non-performing assets (NPAs). We made aggressive provisioning for the NPAs and took the hit upfront on our Profit & Loss (P&L) account. So, today, our provision coverage ratio is at 96.9 per cent. The huge losses in 2019-20 were all because of aggressive accelerated provisioning. This was not required as per the regulatory norms, which give banks a gliding scale (for provisioning). Going by this, 96.9 per cent provisioning is not required at all. But we made accelerated provisioning to absorb the pain upfront. So, though the Gross Non-Performing Assets (NPA) ratio is slightly elevated at 22.37 per cent, the net NPA ratio is only 1.97 per cent as of March-end 2021.

We have not aggressively written off NPAs in the past because of the uncertainty relating to future profitability. But now that we have made five quarters of profit, we are fairly certain. Of course, we will wait for the Covid uncertainty to clear up, promoter change and all that and then we should be able to bring down GNPA by writing off 100 per cent provided for accounts.

How much provision write-back can you get from recoveries?

Our Gross NPAs are at about ₹36,000 crore. Technically written off (TWO) accounts already in our book aggregate to about ₹43,000 crore. So, both put together is about ₹79,000 crore. And this is about 97 per cent provided for….On average, let us say, we recover about 15 per cent. So, on ₹79,000 crore, we will be able to recover about ₹11,850 crore. Now, let us take a more conservative estimate — say, we recover only about ₹10,000 crore. Our net NPAs are only ₹2,500 crore because of aggressive provisioning. So, provision write-back to profits in the next two to three years, whenever the recovery happens, will be about ₹7,500 crore. The future (profit) potential of this aggressive past provisioning will at least be ₹7,000 crore to ₹7,500 crore going forward in the next two to three years.

Our Capital to Risk-weighted Assets Ratio (CRAR) is 15.59 per cent. So, from now on, we will be able to recoup our capital and increase CRAR much further. So, this is what we have done — on the P&L part, we have absorbed the pain upfront, and we have strengthened our balance sheet to recoup our capital through recovery and write-back to profits in the next two to three years.

Did you zero in on the stressed assets you will transfer to the National Asset Reconstruction Company Ltd?

We have identified the stressed assets for the transfer. The criteria for the transfer is that they should have been 100 per cent provided for, not be categorised as fraud, and it should not be very close to a resolution or recovery. Using these filters, we have identified the assets. We have a list of 11 accounts aggregating about ₹12,000 crore to be transferred to NARCL.

The immediate visual impact of this transfer on our balance sheet will be by way of a reduction in our Gross NPA ratio. Out of this ₹12,000 crore, some of the accounts may even be TWO accounts. The impact of TWO accounts is already reflected in our books. So, if out of ₹12,000 crore, Gross NPAs and TWO accounts amount to ₹6,000 crore each, then the GNPA could come down about 3.50 per cent.

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Bandhan Bank collections drop in April,asset quality pressure worsens, BFSI News, ET BFSI

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The end of Assam and West Bengal polls was expected to end Bandhan Bank worries, but a rise in Covid infections and hike in bad loan provisionings has cast a shadow.

The lender derives a major chunk of its business from the two states.

Collection trends improved to 98% in Mar’21, but declined 3–4% in Apr’21 due to the advent of the second Covid wave, though the drop in collections in West Bengal was less than 3%. Nearly 78% of customers were able to pay some instalments in March 2021 among the NPAs in the MFI portfolio.

The results

The bank missed the fourth-quarter profit estimates by a wide shot due to a jump in bad loans and high provisioning.

It reported an 80% dip in its March quarter net profit at Rs 103 crore, as it wrote off a huge portfolio of loans worth Rs 1,929 crore in the flagship microlending business by recognising stress upfront.

As a result of the accelerated write-off, the bank’s overall provisions shot up to Rs 1,594 crore in the reporting quarter from the year-ago period’s Rs 827 crore. It also made an additional provision of Rs 388 crore on standard advances in the microfinance segment.

Bandhan Bank reported a weak quarter, with net earnings sharply trailing estimates, affected by higher interest reversals of Rs 540 crore. Thus, net interest margins declined 150 bp quarter on quarter while elevated provisions of Rs 1,590 crore further impacted earnings. Total Covid-led provisions for FY21 comprise Rs 1930 crore toward write-offs and another Rs 2,900 crore toward loan loss provisions.

Bad loans

The GNPA ratio improved despite elevated slippages, primarily on account of higher write-offs during the quarter. However, Provision Coverage Ratio fell sharply to 50% (v/s 67% proforma in 3QFY21).

Total loans restructured stood at Rs 620 crore, predominantly in the Housing Finance portfolio, while ‘Nil’ restructuring was seen in the MFI portfolio.

On the business front, AUM grew 8% QoQ, led by strong disbursements in the MFI portfolio. Liability traction was robust at 37% YoY, with the CASA ratio improving 50 bps QoQ.

Management hopeful

Bandhan Bank MD & CEO Chandra Shekhar Ghosh is hopeful that the economy will rebound by the third and fourth quarters of the current fiscal, enabling the lender to meet its targets.

He said the bank had exercised caution amid the COVID-19 pandemic and made additional provisioning in the last quarter of 2020-21.

“We remain cautiously optimistic for the current fiscal as we have made additional provisioning as safeguard. The second wave of Covid pain is expected to subside in the next two-three months, and this time people are better geared than the first wave that took everyone by surprise.

“The worst seems to be over, and the economy will rebound by the time major lending business happens in Q3 and Q4, to meet our targets,” Ghosh said.

Overall, we expect asset quality trends to remain under pressure; thus, we estimate credit cost at 4.0% of loans for FY22, Motilal Oswal Securities said.



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Net loss swells to Rs 3,788 crore, BFSI News, ET BFSI

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Crisis-hit lender Yes Bank on Friday reported a standalone net loss of Rs 3,788 crore in the March quarter as against a net loss of Rs 3,668 crore in the year-ago period.

In the quarter ended December (Q3 FY21), it had posted a profit of Rs 151 crore. Net interest income in Q4 FY21 declined by 23 per cent to Rs 987 crore as against Rs 1,274 crore in Q4 FY20.

Non-interest income crashed by 32 per cent to Rs 816 crore from Rs 1,197 crore in Q3 FY21 but rose by 37 per cent from Rs 597 crore in the same period.

Thus the total net income shows a marginal decline of 3.6 per cent in Q4 FY21 at Rs 1,803 crore from Rs 1,871 crore in the same period of previous year. However, the dip works out to 52 per cent from Rs 3,758 in Q3 FY21.

Deposits grew by 11 per cent quarter-on-quarter at Rs 1.62 lakh crore and 55 per cent year-on-year with 6.6 lakh CASA accounts (current accounts saving accounts) opened in FY21.

Retail and SME disbursements were at Rs 12,150 crore in Q4 FY21. But provisions rose by 7.5 per cent to Rs 5,240 crore as compared to Rs 4,872 crore in March 2020.

“The bank has demonstrated significant improvement in performance across key indicators despite severe headwinds of Covid-19 and moratorium imposed in Mar 2020,” it said in a statement.

But worryingly, the bank’s gross non-performing assets (NPAs) stand at 15.41 per cent and net NPAs at 5.88 per cent.

On March 5 last year, the Reserve Bank of India (RBI) had placed the crisis-hit lender under a moratorium and appointed Prashant Kumar as the new CEO and Managing Director.

According to RBI-backed rescue plan, State Bank of India acquired up to 49 per cent stake in Yes Bank. HDFC and ICICI Bank infused Rs 1,000 crore each, Axis Bank Rs 600 crore and Kotak Mahindra Bank Rs 500 crore.



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Axis Bank says collections may slow in the coming weeks, BFSI News, ET BFSI

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Axis Bank which swung to profit in the January-March quarter sees collections slowing in the coming weeks as Covid curbs restrict movement.

“We see corporates adopting wait and watch and given the sudden surge, the focus is on employee health and safety. We have not seen any slowdown in early bucket collections, but it is likely to get impacted in the coming weeks because people are not able to meet customers,” Managing Director and Chief Executive Officer Amitabh Chaudhry said. “Our balance sheet is strong and we have taken provisions upfront and have more than decent buffers built in.”

Chaudhry said there will certainly be an impact of the second wave on the economy in the short term but hoped that the wave gets contained quickly with the various strategies being adopted by the government. He said the bank will have to change its policies on risk as per the evolving scenario. He said the bank grew in FY21 as well despite the adversities on the overall economic front and would continue with the same strategy as it believes that the crisis also creates opportunities.

The Q4 results

Beating analyst estimates, Axis Bank reported a net profit of Rs 2680 crore in January-March as compared to a loss of Rs 1,390 crore a year ago. Net interest income rose 11% on year to Rs 7,560 crore, while other income rose 17% at Rs 4,670 crore. Trading income rose nearly three-fold to Rs 790 crore. Axis Bank’s loan book grew 12% on year to Rs 6.4 lakh crore. Domestic loans grew 10% on year, higher than the industry average growth of around 6%.

It disclosed that it had received Rs 3,004 crore of restructuring requests under the special COVID-related window, of which Rs 1,848 crore have been invoked and Rs 623 crore have been implemented.

The bank will take a call on the rest by the June deadline.

The metrics

The total Covid-related provision buffer stood at Rs 5,000 crore (0.8% of loans), while the total additional provision buffer (Covid, standard and restructured) stood at 2% of loans.

Gross slippages were in line with expectations. About 64% of gross slippages were from the retail book. Thus, the annualized retail slippage ratio stood at 3.7%.

The loan book grew 7% sequentially with strong growth across segments. This was led by retail loans growing at 5% sequentially and retail disbursements rising at an all-time high of 44% quarter on quarter (QoQ). Also, the corporate/SME portfolio grew 9%/9%. On the liability front, deposits were up 8% QoQ, led by 13% QoQ growth in CASA deposits; thus, the CASA ratio improved to 45% (quarterly avg. CASA stood at 42%).

Analyst view

Axis Bank has delivered a strong performance and appears well-positioned to report robust earnings traction. Moreover, moderation in fresh slippages, coupled with improved underwriting and an increasing retail mix, would help maintain strong credit cost control. On the business front, retail disbursements reached an all-time high during the quarter, with strong disbursements seen in home loans (+45% QoQ) and LAP (+51% QoQ).

“The bank delivered strong sequential growth across segments. On the asset quality front, total restructuring stood at 0.3% of loans. Furthermore, the bank has an estimated 72% coverage on GNPL and also holds an additional provision buffer of 2% to protect the balance sheet against any potential stress,” Motilal Oswal Securities said in a note.

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SBM Bank bets on tie-ups to grow India ops; not to add branches, BFSI News, ET BFSI

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SBM Bank India, the wholly-owned subsidiary of the Mauritian government’s SBM, is betting on partnerships with fintechs and non-bank entities to grow its business here and is not interested in growing its branch network like DBS Bank India did with an acquisition, a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding in various banking transactions, its managing director and chief executive Sidharth Rath said.

It can be noted that DBS, the only other wholly-owned subsidiary, acquired struggling private sector lender Lakshmi Vilas Bank last year, which gave it access to 563 branches.

“DBS has their own strategy. Yes, they have gone for inorganic growth … we are also doing inorganic but through partners, let me put it this way,” Rath said.

When asked specifically if it will be interested in tie-ups or deals where equity changes hands – which are otherwise referred to as ‘inorganic’ growth – Rath said at present, it is focused to grow through technology-led and digital-led platforms.

“Going forward, one doesn’t know what it (SBM) would be, how it is going to look, but it is going to be under them (parent State Bank of Mauritius) only,” he said, not discounting the possibility of a strategic partnership, a public issue or even an acquisition like DBS.

The bank is not keen on adding to its brick and mortar branch network, which right now consists of six outlets in metro cities and two in unbanked rural areas, Rath said, adding that it may at best look at adding two more branches in FY22.

The strategy for the new fiscal year will be to scale up on the foundation of the partnership-led model by getting new customers or forging new tie-ups.

A large part of the focus is on driving retail business, which consists only 10 per cent of the Rs 3,500 crore loan book as of March 31, and take it to 25 per cent by end of the next fiscal, Rath said.

Neeraj Sinha, the head of consumer and retail banking at SBM explained that there a slew of fintechs who have developed the right platform, user interface and also a customer base, which are looking at growing, and can help by tying up with a bank.

Being an upstart venture, SBM is open to tie-up with such entities so as to create win-win proposition for both the partners and also the end customer, he said, giving out details of some of the over 20 partnerships it has.

He said as part of one partnership, it has tied up with an entity which will help connect it with those having credit rejections repeatedly. Against a fixed deposit with the bank, SBM will lend the person and help her build a better credit history over a period of time, he said.

Similarly, given the working capital shortage with small businesses, it has a tie-up where a non-bank gives it access to those desirous of getting the card. The customer makes a fixed deposit (FD) with the bank to get the card and enjoy a 30-day credit like the one available for any consumer, he said.

Sinha said that already, over a fourth of its current account deposits are courtesy such tie-ups and the number of customers onboarded through such pacts is 1.5 lakh.

“I am not competing with them (the partners), and hence, I am also the natural choice for the fintechs to come and work with. Lack of size becomes an advantage for me there. This is a typical challenger bank strategy,” Sinha said.

The bank’s overall balance-sheet including both advances and deposits stood at Rs 6,000 crore as on March-end, the share of the low-cost Current Account Saving Account (CASA) deposits was 21 per cent and the capital buffers were at 24 per cent.

When asked if the bank will need any capital, Rath hinted that there will be no need, pointing out that one needs to deliver on the capital as well. He, however, added that whenever needed, the parent will be giving the capital.



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IDFC First Bank raises Rs 3,000 cr equity capital through QIP, BFSI News, ET BFSI

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NEW DELHI: IDFC First Bank has raised Rs 3,000 crore through QIP in which global marquee investors like BNP Paribas and Baillie Gifford participated alongside domestic players such as Bajaj Allianz Life and HDFC Life.

The qualified institutional placement (QIP) closed on Tuesday and the lender issued 52.31 crore fresh equity shares at Rs 57.35 per share.

“On April 6, 2021, the bank has raised Rs 3,000 crore through Qualified Institutional Placement to marquee international and domestic investors by issuing 52.31 crore fresh equity shares having face value of Rs 10 each, at a price of Rs 57.35 per share,” IDFC First Bank said in a regulatory filing on Wednesday.

Out of this, 68.33 per cent of the allotment was made to foreign investors and 31.67 per cent to domestic investors.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs 5,675.85 crore to Rs 6,198.95 crore, it said.

As many as eight investors subscribed to more than 5 per cent of the shares offered in the QIP.

These are: Bajaj Allianz Life Insurance 11.98 per cent, Baillie Gifford Emerging Markets Equities Fund 11.39 per cent, Baillie Gifford Pacific Fund (a sub fund of Baillie Gifford Overseas Growth Fund) 8.95 per cent, and BNP Paribas Arbitrage-ODI received 8.62 per cent of the shares in the issue.

City of New York Group Trust was allotted 8.53 per cent shares under the QIP, Baillie Gifford Emerging Markets Growth Fund 6.79 per cent, HDFC Life Insurance 6.67 per cent and Tata AIA Life Insurance 5.83 per cent.

The private sector bank also released some provisional data, witnessing over 10 per cent yearly growth in its total funded assets at Rs 1,17,803 crore as of March 31, 2021 from Rs 1,07,004 crore a year ago.

Total consumer deposits grew by 43.15 per cent year-on-year to Rs 82,628 crore from Rs 57,719 crore for the period.

Bank’s CASA deposits (current account and savings account) jumped by 122.74 per cent to Rs 46,022 crore from Rs 20,661 crore by March 2020. The CASA ratio stood at 51.95 per cent by end of March 2021, up from 31.87 per cent by year ago same period.

However, the top 20 depositors’ concentration witnessed a decline at 7.76 per cent against 20.26 per cent.

IDFC First Bank said these figures are being released under Sebi norms on disclosure requirements. The figures mentioned as on March 31, 2021 are provisional and subject to audit undertaken by the statutory auditors of the bank, it added.



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