Tag: MD & CEO

We would definitely want to consider acquisition opportunities in MFI space: Kshama Fernandes, MD & CEO, Northern Arc Capital

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Northern Arc Capital will fully explore its current business model —lending, syndication & structuring, and fund management —before considering other opportunities, including turning into a small finance bank, said Kshama Fernandes, MD & CEO of the firm.

The Chennai-based non-deposit taking, systemically important non-banking finance company (NBFC) reported a 20 per cent year-on-year (yoy) growth in assets under management (AUM), which includes loans and investments, in FY21 against 6 per cent y-o-y growth in FY20. AUM stood at ₹5,215 crore as at March-end 2021.

In an interaction with BusinessLine, Fernandes emphasised that 20 per cent AUM growth can be sustained in FY22 also. She observed that the MSME sector will require maximum amount of financing in the mid to long-term and that is going to be a great business opportunity.

Excerpts:

How has Northern Arc weathered the second wave of Covid-19?

The second wave was worse as it came to our doorstep. Lockdown 2 impacted the rural economy a lot more. But from a business perspective, I think, it was slightly better (as compared with the first wave). The lockdown was differentiated, with local administration being involved in making decisions. Businesses were open. Of course, there were restricted hours. But manufacturing, transport, essential services, etc., were operational. Lenders could go out. Collections were happening. NBFCs with multi-State operations actually benefited because different geographies were affected at different times. So, at all points of time, there was something (business) that was on the move.

In lockdown 1, NBFCs operations were in complete disarray. Lenders were coping with moratorium requests. There was a sharp reduction in disbursements at that point of time. In lockdown 2, NBFCs continued to operate…I think, generally, the sense is that disbursement in lockdown 2 did not come to a halt, neither did the collections.

What is your business growth target for FY22?

We have ₹5,200 crore-plus of AUM as of today. Two years ago, the AUM was around ₹4,000 crore. The balance sheet is, of course, bigger (about ₹5,600 crore) because we are sitting on a significant amount of cash just because the environment is such and we want to make sure that at all points of time we are in a position to manage liquidity.

If you look at our liabilities side, it is probably the best position we have been in a very long time. We have well-diversified liabilities —50 per cent plus liabilities from banks and the remaining liabilities from Development Finance Institutions, capital markets, and non-banks.

In FY2019, our AUM growth was around 12 per cent. In FY2020, the growth rate dropped because of factors in the industry, and in FY2021, we have grown at 20 per cent. This growth can be sustained. In fact, we did have an opportunity to potentially grow more (in FY21) but we ensured that we maintain enough liquidity for us to feel comfortable in an environment like this. But I think the growth opportunities are there and will continue.

In which segments do you see opportunities?

For example, I do feel that, given where we are, one of the sectors that will need the maximum amount of financing in the mid to long-term is the MSME (micro, small and medium enterprise) sector. This is going to be a space where one will have to really carefully evaluate given that there is a huge amount of economic stress that has impacted retail borrowers, small businesses, and so on. But I think this is the space where there is a big opportunity going forward.

Our largest business continues to be a combination of microfinance and commercial vehicle finance. There is a significant amount of book we have in the consumer finance space as well. The others are affordable housing finance, agricultural supply chain finance and MSME finance.

We have always, sort of, played in spaces that are not well understood. We believe that we have a way, and we have the knowledge and skill. And we have the risk appetite to really take exposures to sectors, geographies, institutions, borrowers, a normal lender will not take.

Given the stress in the MFI space, will you look at acquisitions?

The way the microfinance institutions (MFIs) operate today is very different from the way they did in the past. I think the regulator has taken some really positive measures, more so in recent times, that really gives us the sense that this sector is being supported. In some sense, this sector has a future. This makes it far more conducive for the small to medium MFIs to bring more capital, get lending facilities and so on. But there is no doubt that there will be some entities which will get hurt more badly than the others. That is definitely going to happen given the extent of shock we have gone through. I think we would definitely want to consider acquisition opportunities as the situation pans out. We are open to all ideas.

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Bank of Maharashtra plans to raise Rs 2,000 crore via QIP, BFSI News, ET BFSI

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MUMBAI: Bank of Maharashtra has decided to float a Rs 2,000-crore qualified institutional placement (QIP) of equity shares next month. The public sector lender has received approval from its shareholders for the capital raise last year.

Speaking to TOI, A S Rajeev, MD & CEO BoM, said that the bank had capital adequacy of 14.5%. Of which, 10.9% is the tier I and capital adequacy is good. “For growth purpose, we require capital as we are envisaging a credit growth of 16-18%. This means that advances will grow by around Rs 25,000 crore for which we require Rs 1,400-1,500-crore capital” he said.

The bank is looking at an issue of Rs 1,000 crore with a greenshoe option to retain an oversubscription of Rs 1,000 crore. “In addition to this we will be raising Rs 1,000 crore through additional tier I and tier II bonds,” said Rajeev. The bank’s stock, which was trading below Rs 11 a year ago, closed at Rs 27 on Friday.



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Will ensure there is no room for accidents in corporate loan book: Sanjiv Chadha, MD & CEO, Bank of Baroda

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Bank of Baroda (BoB) will ensure that there are no accidents in the corporate loan portfolio and at same time grow retail loans aggressively, without losing sight of the underlying credit quality, said Sanjiv Chadha, MD & CEO of the bank.

In an interaction with BusinessLine, Chadha emphasised that BoB’s credit quality, retail growth engine and Current Account, Savings Account deposits are resilient and capital position now is much stronger as compared to the beginning of FY21 despite the impact of the Covid-19 pandemic.

Referring to the global markets being flush with liquidity, the chief of India’s third largest public sector bank said when it comes to wholesale loans, it is possible to move the capital from international operations to India and make more money.

Excerpts:

Your corporate advances have come down to 45.5 per cent of gross domestic credit in FY21 from 47.7 per cent. Do you see scope for further change in this proportion?

In FY21, overall credit growth (domestic) was about 5 per cent, with corporate loans growing 0.02 per cent year-on-year (this was partly due to the fact that there was excess liquidity and there was no growth in the economy) and retail loans growing about 14 per cent. Going ahead, I would believe that faster growth will come from retail as compared to the corporate segment because we would want to do two things. First, focus on credit quality in the corporate segment to take full advantage of the credit cycle so that we can bring down our credit cost. The single factor that changes the profit of a bank is the credit cost.

Now, because our credit cost came down by 67 basis points, our profit before tax in FY21 increased to ₹5,556 crore (from -₹1,802 crore in FY20). So, that is what we would want to focus on— making sure there is no room for accidents as far as the corporate book is concerned, but at the same time re-balance the portfolio by being aggressive to the extent possible by keeping the quality intact on retail loans.

So, will you step on the gas vis-a-vis retail loans?

The proportion of retail loans in overall domestic credit would have moved up by about a percentage point in FY21. Going ahead also we should see this kind of progressive movement where the retail loan share keeps on going up while corporate loans come down. But more than the proportion of corporate loans coming down, the credit cost should come down even more and at the same time our margins should improve. If we chase something desperately, our margins will come under pressure, and we will also end up with credit quality which is sub-optimal. We don’t want to get into that game.

So, we would want to grow retail aggressively but without losing sight of the underlying quality (it is possible to do both; I think we have done that —for example we can have low delinquencies in auto loans and make money) and in corporate loans make sure we grow but bring in efficiencies. We have a large corporate book. We will try to see how we can get other income from corporates. Our fee income from cash management was up 75 per cent yoy. And this is what we want to focus on, making sure that while we are lending, we also get our due share of business from corporates.

Why are you betting big on unsecured loans when there are Covid-19 pandemic related salary cuts and job losses?

If we were sitting on an unsecured loan book which was, say, 10-15 per cent of our loan book, I would say “hang on, let’s be very, very careful”. But our base is very small and because of this, any growth shows up as a large percentage of growth. So, I believe, we can be careful. We can have a reasonable growth, which will show up as a higher percentage of growth. But this need not necessarily mean that we are exposing ourselves disproportionately in terms of credit risk.

When it comes to our current delinquencies in the unsecured retail book, they are lower compared to home and car loans. This is simply because of the fact that we are lending only to our existing customers. So, that again gives us a very good handle in terms of quality. These loans are very short tenure, normally a year/year-and-a-half. So, if we believe there any issues, we can quickly re-calibrate in terms of our risk appetite.

What steps are you taking to cut down risk-weighted assets?

I think, the fact is that in FY21 also, we were able to fund our growth entirely through internal accruals —whatever money we earned was enough to take care of our incremental growth. I think, going ahead also, we would want to do that. This means keeping a very tight lid in terms of risk-weighted assets. Now, this will come in two ways. One, where the risk-weight is high in large corporate exposures, we can bring it down. In the international book also, there are asset categories where the risk-weight is high and net interest margins are low. So, I would believe, we would be looking at moving capital, in comparative terms, from the international book to the domestic book because interest margins are higher in the latter.

So, for us, capital management is going to be very important. And we believe that it is possible for the bank in a moderate credit growth scenario (which is what we are likely to see this year and may be the next) to be able to fund the growth precisely by doing what I just mentioned —make sure that we keep our focus on the risk-weight of the assets and also grow in the categories of assets where the risk-weights are low. The moment we move to retail, we are also making sure that the risk-weights come down.

How will you tamp down corporate risk-weights?

It is really a question of the choices we make. When we are saying that we would want to make sure there are no future accidents, this can happen in terms of growing loans in the higher-rated categories. In terms of incremental growth in FY21, nearly 70 per cent growth came from ‘A’ and above rated accounts where risk weights are obviously low. In retail, a large proportion of the growth has come from home loans where risk weights are low. So, I think, it is possible to have a reasonable growth ambition but at the same time, we make sure that we control the risks as well as utilise the capital efficiently.

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Brokerage CEOs on building customer wealth on digital, BFSI News, ET BFSI

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Brokerage industry has been early adopter of technology and digital capabilities. From quickly onboarding customers with demat account to enabling trading in seamless manner, trading and investing has never been simpler before.

Speaking at 2nd ETBFSI Virtual Summit, Top CEOs of leading brokerage and asset management company share their thoughts on how digital is becoming a game changer for the wealth management industry.

ICICI Securities
Vijay Chandok, MD & CEO at ICICI Securities said, “Broking Industry has been one of the frontrunners in digital adoption. The convergence of advanced analytics and convergence benefits is unleashing a whole new world of opportunity. Wealth business is a big need gap in the marketplace, challenge has been providing wealth services at scale, most offerings are in boutique type services.”

According to Chandok, Industry players are poised to take the opportunity of the huge gap which exists in the wealth management market

LIC Mutual Fund

Dinesh Pangtey, CEO at LIC Mutual Fund said, “Direct market access was the real game changer for building customer wealth on digital modes. Computing powers and leveraging emerging tech has enabled market players to offer seamless digital services Going forward Blockchain and AI will be playing a vital role in the wealth management space.”

Axis Securities

B Gopkumar, MD & CEO, Axis Securities said, “The brokerage industry is a 30 year old FinTech industry from ring to mobile a lot has changed. Regulators and exchanges have created a superior ecosystem for all players involved. At large, wealth industry is changing while still products are being pushed and should be goal based driven.”

Gopkumar believes that savers have been turning towards investing and that is what’s helping the industry to grow. Only scalable technologies can tap to build the mass affluent business and create an informed investing ecosystem and they aim to build products which provide all asset classes on their platforms.

HDFC Securities
Dhiraj Reli, MD & CEO, HDFC Securities, said, “BFSI was the earlier adopter of technology, banks did a better job but brokerages were born digital. Broking firms have always been in forefront in adopting emerging technology, regulators and exchanges have accelerated the digital journey.”

There’s a need to build products and services which exceed customer’s requirements.

Reli adds, “JAM Trinity & Smartphones have enabled us to serve the length and breadth of the country. Financialisation of saving is on the cusp of exponential growth, we’ve just seen the tip of the iceberg Only 18mn customers are active on the exchanges with one trade despite the spurt we have seen recently so it’s a long way to go.”



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BFSI firms put employee health as top priority as Covid rages, BFSI News, ET BFSI

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The second wave of Covid-19 pandemic, which put a severe strain on the healthcare infrastructure across India, has made BFSI firms put their employee’s health and safety on top priority.

From helping employees source beds in hospitals, oxygen facilities, critical medicines to financial assistance, BFSI firms will continue to keep their employees’ well-being even as business takes a little hit.

Max Life Insurance

Speaking at the 2nd ETBFSI Virtual Summit, Prashant Tripathy, MD & CEO, Max Life Insurance said, “Things have gotten really difficult in the last few weeks and we have had to change our course on the health, safety and well-being of our employees. We have been helping our employees in whatever way we can to tide through these difficult times.”

The private insurer has set up a platform – Call Health – which provides round-the-clock service like telephonic assessment of Covid-19 symptoms and consultations with empanelled doctors. It has also set up a dedicated helpdesk to provide reliable information about network hospitals and Covid testing labs.

Equitas Small Finance Bank

P N Vasudevan, MD & CEO, Equitas Small Finance Bank, says, “We have to go beyond the new normal as the reality has hit us hard. The first wave was unique, new for all of us and we weren’t familiar with lockdowns and everyone was taken aback. But thankfully, last year the impact of the virus wasn’t that strong as compared to the current time.”

He adds, “We’ve already lost about eight employees and it’s not possible to digest and there’s no way we can ask anyone to go out and do the job.”

He explains that businesses have to work on a different level substantially as compared to last year. The bank is internally preparing for a 3-4 year horizon and long-term timeframe as situations keep evolving.

Vasudevan adds, “Health and well-being of our staff is of paramount importance and we have set up a war-room to ensure we can do our best to support our staff.”

Muthoot Finance

Kochi-headquartered Muthoot Finance echoes the thought that the safety of employee and staff is of paramount importance.

George Alexander Muthoot, MD, Muthoot Finance says, “We’ve more than 5,000 branches across the country, some locked down, some not in lockdown. We can’t force staff to come to the branch but in the head office most of the work has gone in digital processes.”

Muthoot Finance is paying two years’ salary to the dependents of employees who have succumbed to Covid-19. In Kerala, it has tied up with two hospitals to ensure if any of their employees seek any medical assistance the same can be availed.

Muthoot adds, “Encouraging staff to go ahead for vaccination and it is the thing which will keep us going ahead and tackle the pandemic. Business will eventually come back to normal but employees’ safety and well-being are of utmost importance for now.”

Fino Payments Bank

Fino Payments Bank, dependent on its vast rural network, is also finding it hard to tackle the ongoing situation. Rishi Gupta, MD & CEO, Fino Payments Bank, says, “Everything has taken a backseat, what is not normal is that employees are getting impacted due to Covid. Our operations are spread across rural areas, we can’t tell our partners and employees to go out and get the business done in times like these.”

He believes that these will have a long-term impact on how businesses are being done and will change dramatically as situations evolve.

Gupta adds, “For now the priority is to ensure employee safety and wellness with a high level of communication throughout the time. Trying to move as much as we can towards digital operations and processes along with empathy & assistance towards employees and their families.”



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IPPB ties-up with Mahindra Rural Housing Finance for cash management solution, BFSI News, ET BFSI

Banking & Finance

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Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Ltd, and India Post Payments Bank (IPPB) have tied-up for a strategic partnership for cash management solution. As part of the tie-up, IPPB will be offering cash management and collection services to MRHFL through its access points and postal service providers. With the cash management service, MRHFL customers will be able to repay their monthly or quarterly loan instalments at over 136,000 post offices.

The tie-up for cash management solution is aimed at customer inclusivity by both the partners. IPPB’s large national network combined with its simple, scalable and replicable technology framework has facilitated the deployment of cash management solution to meet the requirements of MRHFL.

J Venkatramu, MD & CEO, India Post Payments Bank, “As technology continues to evolve and creates new ways of doing business, it has been our constant endeavour to offer our customers and partners accessible & affordable banking solutions. Cash management being the lifeline of business operations, IPPB with its robust network and technology platform can help corporates to manage their receivables safely, securely and seamlessly.”

Anuj Mehra, Managing Director, Mahindra Rural Housing Finance said, “At Mahindra, we keep on looking at innovative solutions to enhance the customer support for our customers. The tie up with IPPB is a step in that direction which we believe will provide our customers access to efficient banking services and enable them to become financially secure and empowered. I am grateful to IPPB for agreeing to partner with us on this unique solution which will enable our customers to Rise”.



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Yes Bank appoints Indranil Pan as Chief Economist, BFSI News, ET BFSI

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YES BANK announces the appointment of Indranil Pan as Chief Economist. Indranil will lead the Business Economic Banking function, the Bank’s economic intelligence unit, in this critical position. Under his leadership, the function will play a critical role in providing strategic and policy-level inputs based on macroeconomic developments at global and national level.

Indranil has more than 30 years of experience in economic research, client engagement, and advisory services. He has worked for leading Indian banks such as IDFC First Bank Limited and Kotak Mahindra Bank as Group Chief Economist. He has also worked for companies such as Kotak Mahindra Capital Company, CRISIL, Business India Magazine, and Dalal Street Journal.

Indranil holds a Bachelor of Science degree from Presidency College in Calcutta, as well as a Master of Economics degree from Jawaharlal Nehru University in New Delhi. In addition, he has a Post-Graduate Diploma in Development Policy from Mumbai’s Indira Gandhi Institute of Development Research.

Prashant Kumar, MD & CEO, YES BANK said, “We welcome Indranil to lead the Business Economic Banking function as Chief Economist, YES BANK. Last year, we began a transformational journey to enhance our liabilities franchise and asset-side of the company, as well as improve management and governance practises. The Bank will rely on Indranil’s expertise to provide impetus to the function as well as thought leadership in areas of macroeconomics research, client advisory, and policy matters related to global economic developments, currency, interest rates, and commodities going forward in this journey.”



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Bank of Maharashtra sees big recovery from IL&FS; No cap on digital loan sanctions, BFSI News, ET BFSI

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BoM earned a net profit of Rs 165 crore in the January-March quarter. The bank has recovered Rs 508 crore from the toxic account of Bhushan Power and hopes to get another cheque of almost the same amount from IL&FS soon. In an interaction with ETBFSI, A S Rajeev, MD & CEO of Bank of Maharashtra, said he does not see a major impact of the second wave for his bank. He also mentioned that they are seeing notable results of end-to-end digital lending platforms which they have created. Edited excerpts.

A S Rajeev, MD & CEO of Bank of Maharashtra

Q. Is there any other account other than Bhushan Power in the future where you are expecting some big recoveries?

The amount may not be as huge as Bhushan, but there are a number of accounts in different stages, and the amount may vary between Rs 50 crore to Rs 100 crore. But we are expecting something big from the IL&FS account, it will take some time though. We are expecting between Rs 500 crore to Rs 600 crore from it. Most of the accounts we have fully written off, it will help us to improve the profitability.

Q. How much did you disburse under ECLGS? Are you also keeping funds ready to disburse to MSMEs once the second wave ebbs? Have you spotted new SMEs?

We have lent around Rs 2,400 crore under this scheme. Our MSME growth last year was 36%. Out of that 12% came from ECLGS scheme. Now most of this, about 90-95%, we have already disbursed. Repayments on these accounts are on schedule. The total MSME accounts we restructured were around Rs 650 crore. To attract MSMEs, we have launched a scheme ‘Ghar Wapsi’, we have the database of the last 5-6 years, and we are approaching those customers who left us. Such accounts are in the range of Rs 500-600 crore. We expect around Rs 1,500-1,600 crore of advances in this segment. Also, this year our agriculture portfolio grew 13-16%. There was a good monsoon, and with settlement schemes, we had a good recovery. This year, we created another portfolio of gold loans. It also picked up really well with Rs 2,000 crore jewellery loans. We reduced our interest rates to the lowest in the industry.

Q. The second wave is grappling the country far more significantly. Do you see challenges in recovery, collections?

At present, there are no major challenges. We have not started to see such difficulties yet. Since we are flagging the account status every month, we performed the portfolio analysis in April and didn’t find something challenging. What we are seeing is that stress in the portfolio is not there like the last time during complete lockdown that happened for one, one and a half month. So there is no stress at present in the portfolio or the repayments. Also, it’s local lockdown and has not started affecting the economy. If it continues for some more time, it may affect the economy. Our feeling is that in another 1-2 weeks the situation may change.

Q. Do you see a slowdown in credit demand this quarter?

Generally, the first quarter of the FY is always negative. It is either negative or the growth rate would be 1-2%. Because banks are busy with miscellaneous things such as audits, transfers, promotions, etc. My experience states that there is not much of credit growth during the period of April and May. So even if the economy is affected by slightly localised lockdown, it will be hit only corporate customers. Sowing starts in June, so agricultural lending will start from then. So if you see a 14-16% growth rate per year in any banking system, either it is negative by 1-2% or positive by 1-2% in the first quarter. So geometrically you can see that if 2% is the growth rate in June, for the second quarter it would be 4-5%, for the third quarter it would be 8-10% and so on.

Q. What kinds of digital adoption has BOM done recently? What kinds of digital capabilities are you building?

We have digital products out there. Last year, we incorporated Loan Management System, which is end-to-end digital for loan advancement or sanctioning loans. There is no cap here on the loan amount. Any amount including corporate loans can be disbursed digitally on the Loan Management System. MSMEs can upload their documents to the system. There are certain agencies we have integrated with such as the income tax department, sales tax department, Crisil, Google reports, etc, which undertake the task of vetting as well. It is done parallelly within 2-3 minutes. There is no manual intervention. Only final approvals have to be done by respective authorities. We have also put in place SAP models. There are some models we are still working on and making changes like UAT. Our entire audit system is digitised. An auditor need not go to any other place. Sitting in their place they can do the audit. Digital signatures are also used, and in every area, 100% digitisation has been made. With such an efficient system, it also helps us in declaring our quarterly results early.



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Uday Kotak, BFSI News, ET BFSI

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Mumbai, May 3 () With the RBI capping top managements’ tenure at lenders, Kotak Mahindra Bank‘s head Uday Kotak on Monday said his current term as the managing director and chief executive is till December 2023 and the board will take a call on succession in due course. Kotak also stressed that the commitment to institution building has been a core value for the entity over the last 36 years of its existence.

The RBI last week capped MD and CEOs’ terms at private sector lenders at 15 years, from October 1 onwards, but has allowed the serving bank heads to complete their current appointments.

Uday Kotak, who is also among the promoters of the lender, has been at the helm for over 17 years already.

“The tenure for me is up to 31st December 2023. So, you are going to see me around as CEO at least till then,” Kotak told reporters at a virtual press conference.

He added that the board and the bank are fully committed to long-term stakeholder value and will do whatever is required to ensure stakeholder and shareholder value for the future.

“The commitment to institution building long term is the core to our values and we will take whatever (step) is necessary to maintain that,” Kotak said.

He added that the journey for the entity started in 1985 as a non-bank finance company with a capital of Rs 30 lakh.

To a question on succession planning, he hinted that the board does not have to wait till the RBI puts a cap, and added that in the current times of COVID-19, it is all the more necessary.

“Any financial institution or any company for that matter always plans for what happens if the senior leader gets run over by a bus. In today’s time, the risk of being affected by COVID is even higher. Therefore, succession planning has to be a continuous process which every institution constantly thinks about,” he noted.

The board will act in a manner which is appropriate and responsible, he added. AA ABM ABM.



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Axis Bank board approves re-appointment of Amitabh Chaudhry as MD & CEO, BFSI News, ET BFSI

Banking & Finance

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Private sector lender Axis Bank on Thursday said its board has approved the re-appointment of Amitabh Chaudhry as its Managing Director and CEO for three years with effect from January 1, 2022.

“The board of directors of the bank.. considered and approved the proposal relating to re-appointment of Amitabh Chaudhry as the Managing Director and CEO of the bank, for a further period of 3 years, with effect from January 1, 2022 up to December 31, 2024,” Axis Bank said in a regulatory filing.

The appointment will be subject to the approval of the Reserve Bank of India (RBI) and shareholders of the bank, the filing added.

Chaudhry was appointed as Managing Director (MD) and CEO of Axis Bank for a period of three years, with effect from January 1, 2019 up to December 31, 2021.

Prior to joining Axis Bank, Chaudhry was MD and CEO of HDFC Standard Life Insurance Company.



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