Tag: Covid-19

Credit card spends sparkle on festive rush in October, November, BFSI News, ET BFSI

Banking & Finance

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Credit card spends are seen hitting record highs in October and November as the COVID-19 wave ebbs and festive euphoria sets in. As per trends, it has grown 17 per cent in October and 11 per cent in November.

Spending traction is evident from the record absolute spends and the ratio of credit card to debit card spend, which stands at 1.28x. October is likely to be 15-18% better than September while November’s first-week run rate has been better than October, according to ICICI Securities.

September jump

Credit card spends jumped 60 per cent year-on-year (YoY) in September, helped by the onset of the festive season. However, on a sequential basis the growth slowed down to 3 per cent at Rs 80,500 crore in September.

Spends grew strongly at 60% year on year (+16% on a two-year CAGR basis). Kotak Mahindra Bank reported the highest growth (27% MoM) in September, followed by IndusInd Bank and ICICI Bank (13% each).

Other major players reported growth in the +-4% range. On a two-year CAGR basis, spends for ICICI Bank grew 58%, IndusInd 33%, Kotak Mahindra Bank 29%. HDFC Bank and SBI Cards posted growth of 10–15% and Axis Bank and SCB 2–3%. On the other hand, Citi and Amex saw declines of 8% and 26% respectively. ICICI Bank surpassed SBI Cards to become the second-largest player in spends, with market share of 19.3% over 6MFY22.

Outstanding credit cards up 10.8%

The total number of outstanding credit cards in the system grew 10.8% YoY to 65 million in September 2021 – the highest in the past 11 months. Among the major players, ICICI Bank reported strong growth of 26.1% YoY, followed by IndusInd Bank (15.6%), SBI Cards (14.3%). Foreign players such as American and Citi witnessed decline of 10% and 5% respectively. SBI Cards and ICICI Bank continued to perform strongly, resulting in a 59–218 bps YoY increase in market share to 19.3% and 18.0% respectively in September.

ICICI Bank added close to 2 million new cards in the past 10 months, taking its credit card base to 11.6 million as of September. Despite a 247 bps year on year decline, HDFC Bank remained the largest player with a market share of 23.0%.

Around 10.91 lakh new cards were added to the system in September with HDFC Bank being the largest acquirer at 2.44 lakh cards.



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HFCs’ AUM to grow 8-10 per cent in FY22 against 6 per cent in FY21: ICRA

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Housing Finance Companies’ (HFCs) growth is expected to pick up in the rest of FY2022 despite headwinds in the first quarter (Q1) of FY2022, but weak asset quality is likely to keep their profitability subdued, according to ICRA.

The credit rating agency estimated that HFCs’ portfolio is likely to grow by 8-10 per cent in FY2022 against 6 per cent in FY2021.

ICRA expects gross non-performing assets (GNPAs) to improve marginally from June 2021 level (of 3.6 per cent), but to stay elevated and higher by 40-70 basis points as on March 31, 2022, as compared to March 31, 2021 (of 2.9 per cent).

The agency opined that though the portfolio growth is expected to drive an improvement in revenue, the expected elevated credit costs are likely to keep the profitability subdued in FY2022.

Growth agenda back on the table: Ravi Subramanian, MD and CEO of Shriram Housing

ICRA observed that healthy demand in the industry, increasing level of economic activity and increasing vaccination in the country are expected to result in a steady growth in disbursements and improvement in collection efficiency (CE) in FY2022.

Covid impact

Sachin Sachdeva, Vice-President and Sector Head, Financial Sector Ratings, ICRA, said: “Overall on-book portfolio of HFCs in India is estimated at ₹11.0 lakh crore as on June 30, 2021, with exposures across home loans (HLs), loan against property (LAP), construction finance (CF), and lease rental discounting (LRD).

“The Covid-19-induced disruptions moderated the portfolio growth to 6 per cent in FY2021. Nevertheless, despite nil sequential growth in Q1 FY2022, aforementioned favourable factors provide hope for better growth prospects in FY2022 with an estimated growth rate of 8-10 per cent.”

FinMin allows small HFCs to take recourse to SARFAESI law

The agency noted that HFCs’ asset quality metrics weakened quite sharply in Q1 FY2022 because of the localised lockdowns imposed by various States/Union Territories (UTs) on account of the second wave, which impacted the borrowers’ cash flows and hence the CE.

“The jump in overdues was the sharpest in the recent past, as borrower-level liquidity got stretched in the absence of loan moratorium. The marginal borrowers, therefore, slipped into the NPA (non-performing asset)/overdue category in Q1 FY2022,” ICRA said.

Consequently, the Gross NPAs increased to 3.6 per cent as on June 30, 2021, from 2.9 per cent as on March 31, 2021 (2.3 per cent as on March 31, 2020).

Per the agency’s assessment, though the asset quality deteriorated across segments, CF was worst hit followed by LAP and HL. Thus, entities with high exposure to CF witnessed a higher impact than the industry average.

The headline asset quality numbers are expected to moderate slightly from current level as the trend in the CE continues to remain encouraging.

Nevertheless, ICRA expects a 40-70 basis points (bps) increase (net of recoveries and write-offs) in GNPAs by March 31, 2022, from GNPAs as on March 31, 2021, assuming there are no further Covid-19 induced lockdowns. One basis point is equal to one-hundredth of a percentage point.

Sachdeva said the pre-tax return on average managed assets (profit before tax/PBT per cent) for FY2022 is likely to remain similar to FY2021 level (1.9-2.0 per cent). Optimistically, if the collection efficiency trends post a steady and healthy revival and if slippages remain contained, then PBT per cent may also benefit from reversals in provisions.

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DHFL recovery lifts PSU banks’ Q2 net profits, offsets Srei group account slip, BFSI News, ET BFSI

Banking & Finance

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Most top public sector banks have reported steady second-quarter earnings, with lower slippages as the economy opened up and COVID-19 cases fell.

State Bank of India reported a robust performance as it bravely fought off the COVID-19 impact and displayed remarkable resilience in asset quality performance.

India’s largest bank reported a steady quarter, with net earnings growing 67% YoY to Rs 7630 crore, aided by controlled provisions, as asset quality showed remarkable strength, despite the impact of the second Covid wave.

The bank has been reporting continued traction in earnings, led by controlled provisions. However, business trends remain modest, impacted by continued deleveraging by corporates. The bank has been able to maintain a strong control on restructured assets at 1.2% of loans, while the special mention account (SMA) pool declined sharply.

It created a family pension provision of Rs 7,420 crore, instead of amortizing it over five years, thus prudently deploying one-off gains from the DHFL recovery and tax refund. The bank has fully provided for its exposure towards the SREI group.

GNPA/NNPA ratios improved by 42 basis points /25bp quarter on quarter (QoQ) to 4.9%/1.5% as fresh slippage subsided to Rs 4180 crore. Restructured book remained in check at 1.2% of loans, while the SMA pool declined sharply to Rs 6,690 crore (27bp of loans).

According to analysts, the slippage trajectory of the bank is likely to moderate further assuming there is no third Covid wave, while credit cost may undershoot the normal cyclical trends. The bank has a healthy PCR of 70% and holds unutilized Covid-related provisions of Rs 6200 crore.

Canara Bank

State-run Canara Bank reported a three-fold jump in its standalone net profit at Rs 1,333 crore in the quarter ended September, aided by lower bad loan provisioning, rise in non-interest income, and recovery from DHFL resolution. The lender had reported Rs 444 crore profit in the year-ago quarter.

“Despite moderate credit growth of 6% YoY and soft NIMs (Net interest margin), Canara Bank reported a strong beat on PAT versus our estimate, mainly helped by higher treasury income, contained provisions and cash recovery from DHFL,” said Emkay in a note.

Union Bank

Union Bank of India reported healthy earnings, supported by recovery from the DHFL resolution.

The bank reported a PAT of Rs 1530 crore, up 195% year on year, supported by higher recoveries from written-off accounts of Rs 1760 crore, including recovery of

Rs 1,650 crore from the resolution of the DHFL account.

Furthermore, fee income trends improved, while domestic margins declined; muted loan growth affected net interest income growth. On the other hand, asset quality performance was stable despite elevated slippage, largely led by Corporate – this includes slippage from SREI Infra (Rs 2,600 crore). However, higher write-offs and upgrades aided improvement in asset quality on a sequential basis. Moreover, it now carries provisions of 65% on SREI Infra (higher versus peers).

The SMA-2 book declined to 2.3% of loans (versus 3.7% of loans in first quarter of FY22). Thus, slippage would moderate from fiscal 2023 onwards, and credit costs are expected to come in at 2.2%/1.9% for FY22/FY23, according to analysts.

Punjab National Bank

Punjab National Bank (PNB) delivered a weak operating performance in the second quarter as the bank was impacted by a decline in net interest income with domestic margins contracting sharply by 36 basis points quarter on quarter, while net earnings grew 78% year on year, aided mainly by tax reversals. The total recovery from the DHFL resolution was Rs 1,270 crore and was predominantly utilised for making provisions for one large corporate account (SREI Infra). On the business front, loans/deposits grew 2% sequentially.

PNB reported a 78% YoY and 8% QoQ increase in PAT at Rs 1,110 crore aided mainly by tax reversals (Rs 340 crore) and controlled provisions (34% QoQ decline). However, PNB’s operating performance was weak with the PPoP declining 27% YoY due to a decline of 25% YoY in net interest income and domestic margins declining sharply by 36 bps QoQ to 2.45%.

On the asset quality front, slippages were elevated (~5.4% annualised) due to two large corporate accounts (Rs 3600 crore) which included slippage of Rs 2,800 crore from Srei Infra. However, higher recoveries and upgradations supported the bank’s asset quality with its GNPA/NNPA ratio declining by 70bp/35bp sequentially. PNB’s total restructured book (earlier Covid schemes) stood at 3.1% of loans, while total SMA overdue (Rs 5 crore) amounted to Rs 25,000 crore.

UCO Bank

UCO Bank’s net profit for July-September jumped 581.9% on year to Rs 210 crore on improvement in asset quality, lower overall provisions, and growth in other income. Sequentially, the net profit increased 101.7%. In the quarter ended September, provisions and contingencies excluding current tax, stood at Rs 1,020 crore, down 21.7% on year and largely unchanged on quarter. Provisions for tax were at Rs 100 crore, against a Rs 260 crore write-back last year. Provisions for non-performing assets stood at Rs 1,590 crore, up 54.6% on year and 88.9% on quarter.

The bank said it had identified two Kolkata-based accounts of the same group as non-performing assets during the quarter, post lifting of a legal stay on identifying them as bad loans. While UCO Bank didn’t name the account or group, it possibly referred to Srei Infrastructure Finance and Srei Equipment Finance.

The Srei twins are under the scanner after the Reserve Bank of India superseded their boards, citing corporate governance issues. UCO Bank said it had provided for these two stressed accounts as per regulatory norms. Despite this, UCO Bank’s gross non-performing asset ratio eased to 8.98% as on September 30 from 9.37% on Jun 30, and 11.62% a year ago.

The net non-performing asset ratio fell to 3.37% as on Sep 30 from 3.85% a quarter ago and 3.63% a year ago. The bank said that to guard against the impact of any future waves of Covid on its books, it was making an ad hoc provision of 2.5 bln rupees in July-September, taking the total provisions linked to Covid to Rs 750 crore as on September 30.



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Shopify survey, BFSI News, ET BFSI

Personal Finance

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– Kruthikaa Lakshman

Contactless payments, especially UPI, is gaining traction this Diwali. Nearly 50% of festive shoppers said that they preferred to process payments via UPI as
opposed to any other form, a survey by e-commerce platform Shopify said.

The survey found that the preference for UPI remains consistent across both, online and offline shopping experiences.

The COVID-19 pandemic has had a lot to do with these trends, the survey said. Though the experience that predates the festival is anticipated by many, the
convenience and safety of online shopping has persisted by 76.9% of the shoppers this festive season, it added.

Shopify India released “The Festive Shopping Outlook Report 2021”, measuring consumer trends in the last month, in time for Diwali. Trends have shown that the festive shoppers who would traditionally begin buying for the season, a month in advance hadn’t done so this year.

With mobile phones and internet access to non-metro shoppers, more and more people were seen opting for the digital medium. Online shopping is prevalent after the pandemic has increased to larger areas of the country, according to the report.

60% shoppers use digital payments multiple times a week for festive season shopping: Survey

Contactless payment using radio frequency identification (RFID) or near field communication (NFC) is also constantly improving. The National Payments Corporation of India (NPCI) recently partnered with YES Bank to launch RuPay On-the-Go contactless payments solutions, which is further pushing shoppers to opt for contactless payments, the survey added.

Further, the survey said that the digital payments platform has been opened by Google Pay for use in contactless UPI patents as well.

In terms of what shoppers shopped for during the season, the survey finds that gold and precious metal jewellery, which have been traditional festive gifting favorites, seem to have fallen out of favor this year.

This year, most shoppers were seen investing in tech gadgets. Electronic gadgets, according to the survey, are all set to command maximum consumer gifting budgets with close to 42% respondents showcasing increased propensity towards it.



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Surge in non-Covid health cover claims, average ticket size: ICICI Lombard CEO

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In a breather to non-life insurance companies, Covid-related health insurance claims have dropped with the ebbing of the second wave of the pandemic.

However, there has been a rise in non-Covid-related health claims and their average ticket size has risen significantly, said Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance. If this trend continues, it could impact health insurance premium.

Average ticket size

According to Dasgupta, the insurer has seen a 20 per cent increase in the average ticket size of these claims over two years, from 2019-20 to now, which is about 10 per cent compounded growth.

“As Covid claims have come down, the frequency of non-Covid health claims has gone up. Some of the other infectious diseases have spiked this year such as malaria, chikungunya and dengue. Also, there was some amount of backlog of the elective surgeries that have now caught up in this quarter,” he said in an interview with BusinessLine, adding that the ticket size of claims has gone up for similar ailments.

“We’ll have to see if it’s a temporary increase or permanent in nature. This could perhaps be because of additional RT-PCR tests that hospitals have do or some more procedures that they’re following, but hopefully that will stabilise,” he said, adding that if healthcare costs continue to increase at the level they are going up it could start impacting the premium for customers.

Dasgupta said that the insurer increased pricing on its corporate health portfolio, but is on the wait-and-watch mode on retail health insurance.

“On the retail side, we have to go back to the IRDAI and seek price increase. As of now, we’ve not done that. This is just one quarter data; we want to wait for this fiscal and see the data and then decide. We are not using the Covid spike to ask for a price increase because that would not be fair on customers,” he stressed.

Between April and September 2021, the insurer received 72,059 Covid-related health claims and 2,38,409 claims for non-Covid cases.

Dasgupta, however, continues to be confident about growth prospects, and said there is a structural increase in the demand for health insurance.

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Mahindra & Mahindra Financial Services Q2 net profit up at ₹1,103 crore

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Mahindra & Mahindra Financial Services consolidated net profit surged by 212.9 per cent to ₹1,102.94 crore in the second quarter of the fiscal. Its net profit was ₹352.51 crore in the same period last fiscal.

However, its total income declined by four per cent to ₹2,951 crore during the quarter ended September 30, 2021, as against ₹3,071 crore during the corresponding quarter last year.

“During the quarter, the company increased its shareholding in Ideal Finance Limited (IFL), Sri Lanka from 38.2 per cent to 58.2 per cent. IFL is now a subsidiary of the company. This stake increase has resulted in revaluation of existing equity stake in IFL, which led to a one-time revaluation gain of Rs 21 crore, which is shown as exceptional item in the second quarter 2021-22 consolidated financials,” Mahindra Finance said in a statement on Thursday.

Disbursements grew by 61 per cent year on year on year to ₹6,475 crore in the second quarter of the fiscal. “But for the supply side issues, the disbursements would have grown further,” the company added.

It also reported improvement in collection efficiency month on month – 95 per cent in July, 97 per cent in August and peaking at 100 per cent in September.

The company has a restructured book of 1,04,130 contracts as on September 30, 2021 with an underlying AUM of ₹4,390 crore.

Out of these, 96,391 contracts are classified in Stage-2 as the company believes that the stress in these contracts is temporary, caused by second wave of Covid-19, Mahindra Finance said.

As collection efforts intensified, the gross non performing assets improved sequentially to 12.7 per cent as on September 30, 2021 from from 15.5 per cent as on June 30, 2021.

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RAI, BFSI News, ET BFSI

Personal Finance

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New Delhi, Consumers are more excited about the festive season shopping this year compared to the last, making retailers hopeful that the third wave of COVID-19 pandemic will not eclipse the Diwali glow, Retailers Association of India (RAI) said on Tuesday. As per the annual Festive Shopping Index conducted by RAI and LitmusWorld, capturing consumer sentiment on several aspects influencing purchase decisions during the festive season, apparel topped the shopping list followed by home appliances.

As per the survey that covered 1,000 customers across tier I, II and III cities in India, 63 per cent of the respondents had apparel on top of their shopping list, followed by home appliances and electronics with 50 per cent each and 36 per cent preferred mobile phones.

“Jewellery is back among the top things to buy this festive season for 27 per cent of respondents this year, as against a mere 9 per cent last year,” RAI said in a statement.

When it comes to spending, the survey found that about 43 per cent of respondents were willing to spend in the range of Rs 15,000 to Rs 1 lakh and 9 per cent are looking at spending above Rs 1 lakh during the ongoing festive season. Last year only 5 per cent of respondents were willing to splurge over Rs 1 lakh. RAI CEO Kumar Rajagopalan said,

“Consumers have indicated an overwhelming eagerness to shop in this year’s consumer survey as more than half of the respondents plan to shop for themselves as well as for their loved ones”.

Stating that this augurs well for retail businesses and may lead to a turnaround, he said, “Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow”.

In terms of mode of payments, non-cash continues to be the trend this year as well, with credit cards (59 per cent) being the mode of choice, followed by debit cards (51 per cent) and UPI (40 per cent), RAI said.

As many as 21 per cent of respondents indicated that they would opt for EMI or pay later schemes when shopping, indicating the emergence of a new trend, it added.



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Jul-Sep clocks record 597 deals worth $30 billion, shows Grant Thornton data, BFSI News, ET BFSI

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A total of 597 deals, amounting to $30 billion, were reported in Jul-Sep, reflecting the upbeat market sentiments, according to Grant Thornton Bharat Dealtracker.

The quarter also witnessed the highest number of IPO issues in over a decade, with 18 issues amounting to $5 billion. There has been an 86% increase in deals, compared with a year ago amid the subsiding COVID-19 and rise in daily inoculations.

The sustained economic growth is due to the rapid expansion in the services sector and accelerated manufacturing activities.

Mergers and acquisitions

M&A deals were valued at $12.8 billion for Jul-Sep, a 10% fall compared with a year ago. The dip in deal values was due to the absence of high-value deals.

The IT sector dominated the M&A deal values, followed by banking and financial services, of which two major deals accounted for over 52% of the total M&A values in Jul-Sep.

These were PayU‘s acquisition of Billdesk for $4.7 billion and Sumitomo Mitsui Financial Group‘s acquisition of Fullerton India Credit Company for an estimated $2 billion.

Private equity

PE deals witnessed a robust growth in Jul-Sep, with an all-time high deal activity in volumes and values at $17.1 billion, across 486 investment rounds. Startups claimed a major share in deal volumes at 64%, according to the report.

Both volumes and values saw twice the increase compared with Jul-Sep last year. Compared with the previous quarter, volumes were up by 44% and values saw a strong 24% growth.

Startups claimed a major share in deal volumes at 64%, while e-commerce led in deal values with 30% share, followed by IT, banking, telecom, and others.

IPOs and QIPs

Despite the impact of the COVID-19 pandemic, the country witnessed a record number of IPOs this year , with 42 issues amounting to $10.3 billion.

Jul-Sep recorded the highest number of issues in any given quarter, since 2011, with 18 issues amounting to $5 billion. The quarter saw only seven QIP fundraises, reflecting a trend reversal in 2021, compared with 2020 when QIPs dominated the market, the report said.



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Britain’s Lloyds Bank to close another 48 branches, BFSI News, ET BFSI

Banking & Finance

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Lloyds Banking Group will close a further 48 branches across England and Wales, the British lender said on Wednesday, as it seeks to further cut costs by trimming its physical network.

The closures are the latest in a string of such moves by the bank, which in June announced the closure of 44 different branches.

Banks have stepped up branch closures after many paused restructuring for much of last year to focus on responding to the COVID-19 pandemic.

“The announcement by Lloyds Banking Group of closing a further 48 bank branches is a complete betrayal of the communities and staff who have long supported this highly profitable business,” said Sharon Graham, general secretary of employment union Unite.

Lloyds said it is responding to customers using branches less frequently, and that it is piloting a scheme whereby ‘community bankers’ visit customers in their areas.

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ECB’s Vasle, BFSI News, ET BFSI

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Euro zone inflation is at risk of overshooting projections so the European Central Bank needs to carefully monitor price growth and should end its emergency stimulus programme next March, ECB policymaker Bostjan Vasle told Reuters.

Inflation has surged above the ECB’s target due to a long list of one-off factors, leading to fears that what was once considered a temporary price rise could become more permanent through higher wages and corporate pricing structures.

“There are early signs that in parts of the economy and certain regions, the risk regarding the labour market could become more material,” Vasle, a conservative member of the ECB’s Governing Council, said in an interview.

“In some parts of the economy, labour is in short supply and if this trend will continue, or spread to other sectors, it could pose a risk to inflation,” Vasle said. “That’s why I think we should be very careful about second round effects.”

While there is no hard data yet, anecdotal evidence from businesses indicates that labour shortages are becoming more pronounced and workers are demanding higher wages, Vasle added.

Fearing that the COVID-19 pandemic-induced recession would lead to a self-reinforcing deflation spiral, the ECB unleashed unprecedented stimulus last year to prop up the euro zone economy.

Although the 19-country bloc has now recovered nearly all of the lost output, the ECB has yet to dial back support significantly, even as other central banks have either started to tighten policy or signalled imminent moves.

The ECB will need to decide in December whether to wind down its 1.85 trillion euro Pandemic Emergency Purchase Programme and Vasle joined a growing chorus of policymakers backing its end.

“If these trends continue, then in next March it will be appropriate to end PEPP, as announced when the programme was implemented,” Vasle said.

“It’s also important to emphasize that even when we decide to end it, we’ll continue to provide plenty of liquidity to the economy with our other instruments.”

For the Q&A of this interview, click on

STILL FAVOURABLE

With inflation on the rise, markets are now pricing in an ECB interest rate hike before the end of next year, an aggressive stance that appears out of sync with the ECB’s interest rate guidance.

Vasle downplayed the significance of market-based rate expectations.

“I think we made clear what our intentions are and what will be the most important developments that will influence our decisions,” he said. “So, at the moment, I wouldn’t put too much emphasis on this shift.”

He also dismissed concerns about a recent rise in government bond yields, arguing that real, or inflation-adjusted, financing conditions remain favourable as defined by the ECB.

Vasle would not be drawn on whether the ECB should top up other instruments to compensate for lost asset purchase volumes but argued that the central bank cannot maintain all of the flexibility embedded in the emergency scheme.

“I’m not against a discussion regarding additional flexibility to our existing instruments,” Vasle added. “But I’d like to stress that in normal times, this sort of extraordinary flexibility would not be warranted.”

The ECB currently permits itself to buy up to a third of each member country’s debt and must buy broadly in line with the size of each economy, rules that may be up for discussion at its Dec. 16 meeting. Policymakers will also meet next week, when no change in policy is likely.

But increasing the share of supranational debt in the ECB’s portfolio appears an easier move.

“This would be a natural proposal and I expect it to be part of our discussion,” Vasle said. (Editing by Catherine Evans)



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