Tag: retail

Travel, tourism, retail may be the next bad loan fronts for Indian banks, BFSI News, ET BFSI

Banking & Finance

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As banks were clearing off the bad assets in their corporate loan cupboards, they may be staring at another bout of bad loans.

This time the stress is emerging from retail loans, which have been the banks’ mainstay for the last few years as corporate loans declined. The contact intensive travel and aviation sectors are also likely to give pain to banks if the Covid situation worsens.

Loans to travel and hospitality

As of April 23, 2021, banks loans to tourism, exports and restaurants stood at Rs 50,395 crore as against Rs 47,101 crore a year earlier, a rise of 7 per cent. The growth rate was less than half of the 18 per cent jump in the previous 12 months.

The total bank loans to the aviation sector as of April 23, 2021, stood at Rs 26,309 crore, up 8.2% year on year.

Retail loans

There has been a “sharp decline” in collection efficiencies in retail asset pools across asset classes in May due to the second wave of the pandemic, with microlenders witnessing a dip of up to 20 per cent, a report said on Monday.

“ICRA has observed a sharp decline in the collections of its rated securitisation transactions in April 2021 (i.e. May 2021 payouts), following the rise of Covid cases and imposition of lockdowns/movement restrictions which has impacted the operations and collection activities of the NBFCs and HFCs,” the report from domestic rating agency ICRA said.

The microfinance entities have witnessed the highest decline in collection efficiencies, pointing out that repayments of advances and overdue collection were lower by 20 per cent for April when compared with March.

The agency added that collections for SME loan pools and commercial vehicle loan pools also fell significantly from the heights achieved in March 2021.

Housing loans and loans against property have remained the least impacted and most resilient as was seen last fiscal given the association of the borrower with the underlying collateral and the priority given by borrowers to repay such loans, it said.

RBI measures

The Reserve Bank of India (RBI) has created a special liquidity window of Rs 15,000 crore with a tenor of 3 years at the repo rate to provide liquidity support to the contact-intensive sectors hit by Covid-19.

The special liquidity window encourages banks to provide fresh lending support to hotels, restaurants, tourism, aviation ancillary services, and other services including private bus operators, car repair services, rent-a-car service providers, event/conference organisers, spa, clinics, and beauty parlours/saloons.

These sectors have seen the biggest impact due to the second wave as authorities started imposing lockdown measures to curb the spread of the virus



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Bank of Maharashtra plans to raise up to Rs 2,000 crore through QIP

Banking & Finance

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State-run Bank of Maharashtra is looking to raise up to Rs 2,000 crore through qualified institutional placement (QIP) route before July-end, its Managing Director and CEO A S Rajeev said.

In April this year, the Pune-based lender had received board approval to raise Rs 5,000 crore by way of QIP/rights issue/ preferential issue or by issuing Basel III bonds.

“We are planning to raise around Rs 2,000 crore equity through QIP immediately. The process has already started and we will raise it before July-end,” Rajeev told PTI in an interaction.

The base size of the issue is Rs 1,000 crore and it has a greenshoe option of another Rs 1,000 crore, he said.

Following this equity raise, the Government’s holding in the bank will reduce to below 85 per cent from 94 per cent currently, and the capital adequacy ratio will improve to 17-18 per cent from around 14.49 per cent as of March 31, 2021, Rajeev said.

This fund will be deployed for expansion of the loan book, which the bank is looking to grow by 16-18 per cent to around Rs 1.25 lakh crore in this fiscal from Rs 1.08 lakh crore as of March 31, 2021, he said.

Of the total loan book of the bank at present, the share of corporate loans is 37 per cent and of retail, agriculture and MSME (RAM) segment is 63 per cent, he said adding, “We want the ratio of RAM to the corporate segment to be 65:35 during the current fiscal.” The bank is envisaging a 20-25 per cent growth in the retail, agriculture and MSME (RAM) segment this year. The lender’s corporate loan size is close to Rs 40,000 crore and it is targeting to grow it by another Rs 10,000 crore in this financial year. It has a sanction pipeline of Rs 25,000 crore in the corporate and MSME segments for the current fiscal, he said.

“We have churned our portfolio with improvement in the share of lending to better-rated corporates. This will minimise the delinquencies and attract lower capital requirement,” Rajeev added.

In the corporate segment, the bank will continue lending to better-rated corporates, including sunrise sectors such as infrastructure, pharmaceuticals and FMCG, he said.

Under the government’s Emergency Credit Line Guarantee Scheme (ECLGS), the bank’s total disbursement, so far, is around Rs 2,100 crore, and it plans to lend another Rs 500 crore this year.

Rajeev said the bank’s exposure to the healthcare sector is Rs 2,000-2,400 crore, which is 2 per cent of the total advances portfolio. In April and May, it had already disbursed over Rs 225 crore to the sector.

“We intend to double our portfolio under the healthcare sector and make it 4 per cent of our total advances portfolio during the current fiscal. We have also come out with two to three products in tune with the RBI policy,” he said.

Last month, the RBI had announced an on-tap term liquidity facility of Rs 50,000 crore under which banks can provide fresh lending support to a wide range of entities from the healthcare segment. The government has also announced ECLGS 4.0, under which a 100 per cent guarantee cover to loans up to Rs 2 crore will be provided to hospitals, nursing homes, clinics, medical colleges for setting up on-site oxygen generation plants.

Rajeev further said since the exit from the RBI’s prompt corrective action (PCA) framework in January 2019, the lender has taken several steps to strengthen its balance sheet, which has resulted in a significant improvement in all its financial parameters.

“We have been successful in registering profits quarter on quarter since March 2019. Our net profit rose 41.39 per cent to Rs 550 crore during FY21 from Rs 389 crore in FY20. Operating profit also rose 39 per cent to Rs 3,958 crore in FY21 from Rs 2,847 crore last year,” he said.

The bank’s CASA (Current Account and Savings Account) improved to 54 per cent as of March 31, 2021, which according to Rajeev is one of the best in the banking industry.

The bank has also managed to bring its gross non-performing assets to 7.23 per cent as of March 31, 2021, from 18.64 per cent in September 2018, when it was under PCA. Net NPAs stood at 2.48 per cent as of March 31, 2021.

At present, market capitalisation of the bank stands at Rs 17,500 crore against Rs 3,948 crore as of March 2019, he said. In FY22, the bank is targeting to bring down gross NPA to below 6 per cent and net NPA to below 2 per cent. Net interest margins (NIM) will remain above 3 per cent in this fiscal, he said.

It has set a recovery and upgradation target of Rs 2,500-2,600 crore during the current year. The lender is also expecting Rs 500 crore recovery from written-off accounts in this fiscal, Rajeev said. The lender is looking at opening 200 banking outlets with a hub and spoke model in this fiscal, he added.

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ICICI Bank launches digital banking service for retail merchants

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Private sector lender ICICI Bank on Thursday announced the launch of a comprehensive digital banking service that aims to empower over two crore retail merchants in the country.

Called Merchant Stack, it provides a bouquet of banking solutions and value-added services in ‘one single place’ for the retailer ecosystem.

“The main pillars of the stack are a new account named Super Merchant Current Account; two instant credit facilities called Merchant Overdraft and Express Credit — both are based on POS transactions, Digital Store Management facility to help merchants take their business online; exclusive loyalty rewards programme and value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence,” ICICI Bank said in a statement.

10 lakh customers of other banks using ICICI Bank’s mobile app

On InstaBIZ

The facility will enable merchants — grocers, supermarkets, large retail store chains, online businesses and large e-commerce firms — to meet their banking requirements seamlessly so that they can continue to serve their customers in challenging times during the pandemic, ICICI Bank further said.

Retail merchants can avail of these contactless services without visiting the Bank’s branches, at a time when people are advised to stay home and maintain social distancing. They can avail of these facilities instantly, on InstaBIZ, the Bank’s mobile banking application for businesses.

Banks coming together for new umbrella entity for retail payments

“There are over two crore merchants in the country with approximately $780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years. Through these trying times of the pandemic, it is our endeavour to enable the merchants with a digital banking platform that will help them to continue to serve their customers,” said Anup Bagchi, Executive Director, ICICI Bank.

The Merchant Overdraft facility would enable pre-qualified merchants with a linked ICICI Bank POS machine to get upto ₹25 lakh digitally, instantly and in a completely online and paperless manner.

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ICICI Bank pushes on retail as other lenders slow down, BFSI News, ET BFSI

Banking & Finance

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– By Shashank Singhal

ICICI Bank Ltd. reported strong fourth-quarter earnings, with revenues and core income increasing and asset quality remaining stable driven by loan growth and higher profitability.

Credit Growth:

The Total advances of the bank increased by 14% year-on-year to 733,729 crores on March 31, 2021 from ` 645,290 crore on March 31, 2020. Bank’s credit growth was mainly driven by retail segment. On March 31, 2021, the retail loan portfolio had grown by 20% year on year and 7% sequentially which has been double the system retail loan growth. Retail accounted for 67% of the overall portfolio. Retail mortgages grew by 22% year on year being the largest incremental contributor to growth. Banks continue to push for higher retail loan growth. Disbursements to higher rated corporates and public sector undertakings (PSUs) across various sectors drove growth in the performing domestic corporate portfolio by about 13% year on year.

Among other retail segments, business loans increased by 40% year over year, while rural loans (which include 50% Jewel loans) increased by 27% year over year. The book in the CV, two-wheeler, and credit card segments increased Quarter on quarter, but the book in the CV, two-wheeler, and credit card segments remained flat.

Bank’s retail growth can be attributed to digitization. Digital initiative such as ‘EMI @ Internet Banking’ which allows preapproved customers to convert their high value transactions into instant EMIs at the time of purchase on their retail internet banking platform and graining traction in the cards business through digital platform boosted the retail growth. The growth was also aided by the bank’s expansion of footprint in tier 2, 3 and 4 cities and low interest rates.

Slippages

According to CLSA, ICICI Bank’s slippage at Rs 5,500 crore (0.75 per cent of loans) was a positive surprise. Retail slippage increased by less than 2x to 2.4 per cent in FY21 vs 1.4 per cent in FY20 which, the brokerage believes, is manageable given the pandemic which indicates that Bank has been cautious rather aggressive in lending retail loans.

Asset Quality

ICICI Bank’s gross non-performing asset ratio stood at 4.96% compared with 5.42% in the October-December quarter while the net NPA ratio declined to 1.14% on March 31, 2021 from 1.26% (on a proforma basis on December 31, 2020) and 1.41% on March 31, 2020.Bank maintains healthy specific provision coverage ratio of 78% of NPAs and contingent buffer at 1% of loans.

HDFC slows down on Retail

HDFC Bank reported 14% year-on-year growth in domestic advances on 31st March 2020 mainly driven by growth in wholesale loans which grew by 21.7% from last year while as per regulatory [Basel 2] segment classification, domestic retail loans grew only by 6.7%. Wholesale loans now form 53% of the total loan book. Retail loans accounted for 47% compared to 67% of ICICI Bank showing different target segments of the Banks.

For the first time in many years, ICICI Bank’s loan growth exceeded that of HDFC Bank. The Overall domestic loan growth of 18% year-on-year (6% quarter-on-quarter) of ICICI has been 3x that of system loan growth and 400 basis points above HDFC Bank.

Banks cautious on Retail loans

Amid the uncertainty provided by the pandemic other lenders such as Kotak has also cut down on the retail front. Banks are taking cautious stance on extending credit to avoid a spike in asset quality issues. Banks are falling back on the secure options.

ICICI Securities in a note recently said, “Kotak Mahindra Bank’s management had highlighted that unsecured retail and CV (bus operator segment) portfolios were reflecting disproportionate stress. Beside this, MTM gain on investment portfolio, cost agility and low cost deposit based will cushion earnings impact.”



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ICRA: Uncertainties with rising Covid cases could compound NBFCs woes

Banking & Finance

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The resurgence of the Covid-19 pandemic is likely to impact the performance of assets under management of retail NBFCs in 2021-22, rating agency ICRA said on Wednesday.

“Domestic Retail-NBFC AUM are facing asset quality headwinds which will moderate growth in 2020-21 and is also likely to affect their performance in 2021-22, following resurgence of the Covid-19 pandemic,” it said in a statement.

Higher loan losses seen

Asset quality pressures would play out fully in this fiscal as the level of economic activities are yet to substantially pick up over the pre-Covid levels, with risks further compounded by recent rise in infection rate, it further said.

While NBFCs can proceed with the overdue recoveries post lifting of the Supreme Court order on the NPA classification in March 2021, ICRA notes that performance of most of the key target asset and borrower segments continues to be sub-optimal, which would impact realisations leading to higher loan losses.

“Entities have augmented their provisions steadily since the fourth quarter of 2019-20 and are currently carrying provisions of more than 50 per cent of the pre-Covid levels, the same is expected to be maintained at least for a few more quarters in view of the current uncertainties,” it said.

AM Karthik, Vice President, Sector-Head Financial Sector Ratings, ICRA, said, “Restructuring expectation averages around 2.6 per cent (ICRA sample of large NBFCs) presently and we expect reported Gross Stage 3 to increase steadily by about 50-100 basis points (over December 2020 levels) by March 2022, as a base case; and could inch-up further if the impact of the pandemic continues for longer period leading to lockdowns or other tighter restrictions.”

Revival in growth

ICRA expects the Retail-NBFC AUM, which is estimated to be about ₹10-lakh crore as of December 2020, to have grown by three to five per cent in 2020-21 as pent-up demand, post the lockdown, led to some revival in segments such as namely gold, microfinance, two-wheelers, and tractors.

In 2021-22, growth is expected to revive to about eight per cent to 10 per cent driven by improvement in demand from all key target segments compared to last fiscal.

Growth, however, would be contingent upon access to adequate funding lines, it further said, adding that the capital structure is expected to remain adequate.

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IndusInd Bank Q4 deposits up 27 per cent, net advances rise 3 per cent

Banking & Finance

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Private sector lender IndusInd Bank reported a 3 per cent increase in net advances and 27 per cent rise in deposits as on March 31, 2021, compared to a year ago.

According to a regulatory filing by the bank on Monday, its net advances increased to ₹2.13 lakh crore as on March 31, 2021, versus ₹2.06 lakh crore a year ago. Even sequentially, net advances increased by 3 per cent from ₹2.07 lakh crore as on December 31, 2020.

Deposits increased to ₹2.56 lakh crore as on March 31, 2021, compared to ₹2.02 lakh crore a year ago.

Moody’s affirms IndusInd Bank’s ratings, revises outlook to ‘stable’

“Retail deposits and deposits from small business customers amounted to ₹95,811 crore as of March 31, 2021, as compared to ₹85,914 crore as of December 31, 2020,” IndusInd Bank said.

On a sequential basis, deposits increased 7 per cent in the fourth quarter of last fiscal from ₹2.39 lakh crore as on December 31, 2020.

Why IndusInd Bank FD is an attractive short-term choice

The bank’s CASA ratio was at 41.8 per cent as on March 31, 2020, from 40.4 per cent a year ago.

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Paytm Money opens technology development centre in Pune

Banking & Finance

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Digital financial services platform Paytm, on Thursday announced that its wholly-owned subsidiary Paytm Money has launched its technology development and innovation centre in Pune.

It also plans to hire over 250 front-end, back-end engineers and data scientists to build new wealth products and services.

A press statement said Paytm Money thrives to simplify investments and wealth creation for retail investors, and the new facility at Pune will focus on driving product innovation, specifically for equity, mutual funds, and digital gold.

Varun Sridhar, CEO – Paytm Money, said in a statement: “We are very excited to launch our Pune tech R&D centre and looking forward to developing new wealth management products and disruptions in Pune. We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform.”

Also read: Paytm to expand operations in rural areas, smaller towns

He added, “We need solid engineering talent to ensure we meet our ambitions. Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure and great weather. We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans.”

The company has launched a slew of new products and services aimed at empowering seasoned investors as well as new to investment users. It aims to achieve over 10 million users and 75 million yearly transactions in FY21 with the majority of users from small cities and towns.

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Product review: Axis Securities’ YIELD platform

Personal Finance

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To make investing in bonds and debentures easier, Axis Securities launched a new online platform ‘YIELD’ early this month. Customers of Axis Securities can use YIELD to buy and sell bonds in the secondary market.

What it is

YIELD enables customers of Axis Securities to invest in a range of corporate bonds (rated A and above) trading in the secondary market. The bonds purchased on the platform can also be sold here.

Today, when you buy / sell bonds through your trading account with a broker, the transaction goes through based on the volumes available on the stock exchanges. Axis Securities has empanelled large wealth management firms (that deal in bonds) on its platform. It is the inventory of bonds available for sale with these firms that is aggregated and displayed on the YIELD platform.

For each bond, YIELD shows you the face value, current price (‘minimum investment’), coupon rate, yield to maturity (‘yield’), maturity date, frequency of interest payment, among other details. You can also see whether the bond is tax-free or taxable and perpetual or not. The platform also shows you the stream of cash flows from a bond over its entire tenure. The periodic interest payments each year and the final maturity amount to be received in the end, are shown diagrammatically for each bond. YIELD also allows you to compare different bonds with each other as also with fixed deposits from a few select banks including SBI.

Suitability

While YIELD offers the prospect of better liquidity (larger volumes) that HNI bond investors may require, it may not offer any significant advantage to small retail investors who can, therefore, continue to trade with their existing brokers. YIELD gives Axis Securities’ customers access to bonds available with large wealth management firms (which is besides what is available on the exchanges) thereby providing them greater liquidity.

The platform also offers the advantage of one-time KYC (know your customer) to investors. According to Vamsi Krishna, Head- Products & Marketing, Axis Securities, once your KYC with Axis Securities is complete, all your purchases through YIELD are simply conducted based on that. You don’t require a separate KYC for bond transactions with every bond house. Existing customers of Axis Securities can use the platform at no additional cost. Note that, though, as on date, you can use YIELD to sell only those bonds that have been bought on the platform.

Furthermore, today, with the cheapest bond on the platform priced at around ₹2 lakh and many others at ₹10 lakh, per bond, the platform is not suited to the needs of small investors. Axis Securities plans to introduce bonds of smaller denominations in future. Retail investors can invest in tax-free and taxable bonds of significantly small denominations via their trading accounts with other brokerages as also with Axis Securities (outside of the YIELD platform).

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‘We have not sold a single loan to any ARC’

Banking & Finance

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The turnaround for YES Bank has been much faster as it could usually take at least two to three years, believes Prashant Kumar, Managing Director and CEO, YES Bank. In an interview with BusinessLine, Kumar said the bank is hoping to continue with the growth in advances in the fourth quarter with good demand from retail and MSME segments. Edited excerpts:

How has the bank managed such a robust growth in net interest income?

Some of the recovery has been booked as interest income, which has given a boost to the NII. This robust growth in NII will continue but it will depend on whether you will make recovery for interest. This may not happen in all the cases; normally there is always a haircut.

How is the growth in advances?

We had set a target of ₹10,000 crore of disbursements in the third quarter for retail and MSMEs and we disbursed ₹12,000 crore. Corporate disbursements were at ₹2,000 crore. We are seeing demand from the retail and MSME segments but corporate demand is yet to pick up.

We were earlier lending to large project finance companies on the corporate side but we are not doing that as a strategy now as we don’t have that kind of size of balance sheet. But we will definitely participate in working capital requirement and small requirement of term loans like ₹300 crore on the corporate side but not very large. Aviation, hospitality and real estate have been impacted badly by the pandemic as well as sectors related to entertainment, and shopping malls.

For the fourth quarter, we have not kept a target on advances but would like to do the same as the third quarter.

Also read: This is the peak in terms of NPAs and slippages: YES Bank chief

How have operating expenses come down?

We are avoiding wasteful expenses. Due to the pandemic, we realised people can work from home. In our Mumbai building, we have vacated two floors from 12 floors and will be in a position to vacate another two floors in the coming months. Similarly, in Delhi, we have shifted our premises from Chanakyapuri and are moving to Noida.

So, will the bank go for branch expansion?

In terms of business growth, we need to expand the branch network. Till now, our branches have been concentrated largely in northern and western India. Our presence in southern, eastern and central India is very small. We need to wait for two to three quarters but we are coming out with a strategy of opening branches in the areas where we are not there. Branch expansion will be a part of the strategy but we need to wait and see the real impact of the pandemic.

Also read: YES Bank posts Q3 net of ₹151 crore

What about deposit mobilisation?

Growth on deposits is always a slow process. Earlier, YES Bank’s deposit was at ₹2-lakh crore plus. But at that time, there was a very large deposit book of the government, which has come down. Some States are not placing deposits with private sector banks and we are also not getting deposits from the Central government. The government deposit book was ₹45,000 crore but now it is only at ₹7,000 crore to ₹8,000 crore. On retail and corporate deposit book, we are back on track. Our focus will be to open CASA accounts.

What is happening on the bad bank proposal? Are you looking to sell off any NPAs?

We are waiting for regulatory approvals. We have not sold a single loan to any ARC (asset reconstruction company) and we have no plans. If we are able to set up our own ARC, then we will transfer it to our own ARC. Selling doesn’t make any sense, it brings in hardly 20 per cent. We are able to recover much more.

What are your expectations from the Budget?

Real estate has been impacted by Covid-19 and has been under difficulties in the last three to four years. Addressing this sector is important as a large number of people are also impacted. People are paying EMIs but not getting their flats. This sector, if taken care, will give a boost to infrastructure. Banks would be able to recover their loans and the government will also get huge taxes. Also, hopefully the Budget will continue to provide support to MSMEs. It has a big role in the GDP and needs support in terms of releasing payments, protection, and ease of doing business.

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Yes Bank won’t dilute equity soon, BFSI News, ET BFSI

Banking & Finance

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Yes Bank will not be raising capital via equity soon and the recent board approval is only part of an enabling provision to reduce its time-to-market in future, the bank’s MD & CEO Prashant Kumar, said. He added that the bank’s deposits will cover its loan book by end-March despite growth in advances.

“We expect the credit-deposit ratio to be 100% by the end of March from 116% at the end of December,” Kumar said. He said that the bank’s strategy is to use its digital capability to grow retail deposits and loans. According to its December quarter results, the bank’s capital adequacy ratio is 19.6%, while common equity tier I capital is 13.1%, “We are well-capitalised but we decided to go through the process, which will also require a shareholder approval, so that we are in readiness,” said Kumar.

The private bank, which was revived by an RBI-initiated resolution process, had seen a third of its deposits being withdrawn by wary customers before the central bank placed a moratorium on withdrawals. Since then, deposits have bounced back growing 36% in the first nine months of the fiscal. The bank on Friday reported a profit of Rs 151 crore in the third quarter as against a loss of Rs 18,560 crore in the year-ago period.

The bank also said that it has received more information on accounts linked to whistleblower allegations. “All the loans are fully provided for and there will not be any financial implication even if any more loans are declared as fraud,” said Kumar. He said that Cox & Kings, which has been in the news for action by authorities, has already been declared a fraud.

The bank had earlier sought approval from the RBI for a ‘bad bank’ that will take over troubled loans and is awaiting a response from the regulator. While the bank has a Rs 1,000-crore exposure to DHFL, it does not expect any major recovery this year. “I do not expect the resolution will be implemented before March 31. Besides, we are unsecured lenders and don’t know how much we will get,” he said.

“Our focus is on retail and MSME. We have disbursed almost Rs 12,000 crore in the third quarter and this path would continue,” said Kumar. He said the bank was rationalising expenditure with operating expenses reduced by 13% and more branch mergers in the offing. The bank has already converted some of its rural branches into business correspondent centres. To augment fee-income, the bank has tied up with HDFC Life and SBI Life for distribution on the life insurance side and ICICI Lombard and SBI General on the non-life insurance side.



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