Tag: sbi

Banks head towards recovery after challenging environment due to the second wave of covid-19, BFSI News, ET BFSI

Banking & Finance

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The second Covid-19 wave has impacted the recovery and lending activities of commercial banks. From tackling scattered lockdowns to managing recovery and collections, banks are expecting a recovery phase in the coming quarters.

Private lender Federal Bank recorded the highest ever operating profit of Rs.1135 Cr with 22% Y-o-Y growth in Q1FY22. The total business of the bank reached Rs. 299158.36 Cr registering Y-o-Y growth of 8.30% as of 30th June 2021.

Shyam Srinivasan, Managing Director, and CEO, Federal Bank said in a statement, “The external environment continues to be challenging however we have managed to keep our operating momentum intact by delivering our highest ever operating profit, for the quarter. Our CASA ratio is at an all-time high and we continue to build a granular liability franchise with more than 90% of our deposits being retail in nature. Our relationship with the NR diaspora continues to blossom with our share in personal inward remittances increasing to 18.20%. We have also managed to keep asset quality in check with only a marginal uptick in GNPA and NNPA.”

Shyam Srinivasan (File Pic)

On similar lines, IDFC FIRST Bank in its Q1FY22 financial results announced the highest ever core pre-provisioning operating profit at Rs. 601 Crore. Total Income grew by 36% YoY basis to reach Rs. 3,034 crore in Q1FY22.

V Vaidyanathan, Managing Director, and CEO, IDFC FIRST Bank, said in a statement, “Our CASA ratio is high at 50.86% despite reducing savings account interest rates by 200 bps recently. Because of our low-cost CASA, we can now participate in prime home loans business, which is a large business opportunity.”

“Regarding the loss during the quarter, we have made prudent provisions for COVID second wave, and expect provisions to reduce for the rest of the three quarters in FY 22. We guide for achieving pre- COVID level Gross and Net NPA, with targeted credit loss of only 2% on our retail book by Q4 FY 22 and onwards, assuming no further lockdowns.” Vaidyanathan added.
Banks head towards recovery after challenging environment due to the second wave of covid-19
South-based lender CSB Bank in its First Quarter results announced a profit after tax at Rs 61 Cr in Q1FY22 as against Rs 53.56 Cr in Q1FY21 and Rs 42.89 Cr for the sequential quarter. Net profit increased by 14% YoY. The operating profit of the bank is Rs 179.78 Cr with a Y-o-Y -growth of 39%.

CVR Rajendran, Managing Director & CEO at CSB Bank said in a statement, “COVID second wave coupled with the LTV management of gold loans did pose some challenges in the first quarter of FY 22. Lockdowns, alternate holidays, slowing down of economic activity, controlled movements due to strict social distancing norms, lack of transport, etc restricted the customer access to branches which in turn impacted both the fresh pledges and releases. Thankfully, the worst seems to be over now and recoveries are happening in full swing. The portfolio LTV that was at 83% has been brought down to 75%. The aggressive vaccination push and controlled localised lockdowns have helped in managing the second wave to a great extent and we are optimistic to catch up the business opportunities on a larger scale from this quarter.
Banks head towards recovery after challenging environment due to the second wave of covid-19
Bandhan Bank also announced its Q1FY22 results with pre-provision Operating Profit (PPOP) at 9.3%; up from 8.6% in the Q4FY21.

Chandra Shekhar Ghosh, Managing Director, and CEO of Bandhan Bank said in a statement, “Despite the challenging environment due to covid second wave, we have delivered the best-ever quarter in terms of operational performances. Collections continue to improve with covid restrictions getting relaxed. Typically, the second half of the financial year is always better for the bank in terms of growth and collections. With the easing of the covid second wave and upcoming festive season, we are confident of achieving better performance going forward.”
Banks head towards recovery after challenging environment due to the second wave of covid-19
While Axis Bank reported a 94 percent year-on-year rise in standalone net profit at Rs 2,160 crore as against Rs 1,112 crore reported in the same quarter of last year (Q1FY21).

Amitabh Chaudhry, MD & CEO, Axis Bank said, “Despite second wave headwinds, we made tremendous progress this quarter on our strategy of building a high-quality granular franchise, increasing our relevance in the lives of the customers and the communities we serve, and building the best digital bank in the country,”

“The journey we started two years back is gathering momentum with a strong balance sheet, conservative provisions, and a steady operating performance supporting our aspirations. We have also set a bold mandate for our long-term ESG goals. We continue to monitor the macroeconomic environment closely and we remain confident about our strategy and the road ahead,” Chaudhry said.

Amitabh Chaudhry (File Pic)
Amitabh Chaudhry (File Pic)

The country’s largest lender, The State Bank of India recorded its highest-ever quarterly profit at Rs 6,504 cr. in Q1FY21. This implied a 55-per cent year-on-year (YoY) rise in net profit compared to Rs 4,189.34 crore in the year-ago period.
Dinesh Khara, chairman of SBI said, “Around 50% of our home loan book is to non-salaried customers which belong to the SME segment,”
Banks head towards recovery after challenging environment due to the second wave of covid-19
“The slippages are largely because of the disruption in the SME segment.” He also said, “SBI is expecting a credit growth of 9% during this financial year. The under-utilization of credit lines by borrowers in our corporate clients group has dropped to 25%,” Khara said. “That’s a positive,” he added.

SBI says that the bank is gearing up on several fronts to mitigate all the challenges posed by the spread of the COVID-19 pandemic.



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Nischal Maheshwari, BFSI News, ET BFSI

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As we are going back to normalcy, the easy money has already been made in pharma and it is going to be very stock specific, says Nischal Maheshwari, CEO-Institutional Equities, Centrum Broking.

What will be the impact on Vodafone after Mr Birla’s resignation? Also, how exactly would Bharti and Reliance Jio gain and how should one approach the telecom sector now?
I continue to maintain my view that there is trouble for this sector. Even after the number of players came down from 7-8 to 3, we were still not able to increase ARPU. Now, one of the companies is just throwing up its hands saying that they are not able to manage. In the short term, there is more pain. Maybe the government will come out with a package or something delaying the payments. But long term, it could be good. But in the short term, it would be pain.

Why would you say that? As Vodafone is losing market share, the subscribers are not going to stop using mobile phones. They will switch to Bharti or Jio and both will gain market share as a three-player market becomes a two-player market.
That was true earlier also. Vodafone has been hanging by a thread. In the last 12 months, every month Vodafone has lost customers. There has been a question of its survival. But still ARPUs have not increased. Both the top players continue to come with very aggressive numbers though their bottom packs have been raised from Rs 49 to Rs 79. But there are enough discounts out there. At the end of the day, I would look only at the ARPUs and ARPUs do not seem to be increasing and none of the two players are actually going out and saying that they are going to be giving away or taking a backseat as far as competition is concerned.

The world over, it has been a two- three player market. There has never been seven or eight players anywhere else. In India, they were surviving. Now, they have been cut down too and the existing players will continue to compete with each other.

SBI seems to be recovering faster than anticipated and the hit on account of Covid second wave is not as much as the Street was pencilling in or even the industry average. What’s next for SBI?
The results have been good but I would be a little bit worried given that most of the other banks have shown higher slippages as far as the second wave is concerned, especially, on the retail side. I would wait for another quarter because my issue remains that the coverage ratio is very low for SBI. It is only 40 bps which they have provided for unlike most other banks especially on the private side, who have provided for anything between 1% and 1.5%. Otherwise, the bank is doing pretty well. The recoveries have been good and it seems to be on a very solid wicket. So wait for another quarter but definitely it is a buy on dips.

Everyone is bullish on real estate and housing demand but somehow the HFC stocks have done nothing. Why is that?
After the first wave, most of the HFC stocks doubled from the bottom like Can Fin, LIC. HDFC has been a bit of an underperformer but that has also done well. During the second wave, basically everybody seems to have suffered — and the slippages are much higher in companies like LIC Housing Finance. HDFC Limited came up with very good numbers, Can Fin also faced some amount of pressure. So during the second wave, market was worried as far as retail is concerned/

The market is worried what is really going to happen if another wave comes in because the retail seems to be getting much more hit than the corporate book in the banks because the corporates are able to get their people vaccinated and and it so they continue to work but the collections suffer as far as the retail is concerned. That is why the market is a bit worried and wants to wait out for another quarter to see what really happens on the health side.

If everything goes fine, then we will start seeing some action in housing finance companies. But having said that, I believe it is a good time because these stocks have not performed and if real estate rightly is doing well, it is only a matter of time that the housing finance stocks will also start doing well. So we have a buy across the whole sector.

Where within banks are you finding comfort to buy afresh?
The top two banks SBI and ICICI are the ones I would put my money on. As the recovery in the economy happens, most of these banks are showing stronger recovery in their old NPAs. ICICI, Axis and SBI historically have had much higher NPAs in their portfolio. So when the recovery happens, they would be the beneficiaries and that is why one is seeing a strong recovery there. HDFC and Kotak are the better ones of the lot. They never had much problem and that is why they have quoting at 3.5-4 times. During this phase, they may underperform the market.

The Covid bump off for pharma companies is over. Today Cipla will come out with numbers for the quarter gone by. Is market pricing in the normalisation of pharma earnings?
I think so. Last year when Covid hit, the pharma sector came out of five years of underperformance with most of the stocks doubling in a very short period of time. But if you look at a longer time horizon, I think they would have just returned whatever 30-40% kind of a return on a five year time basis. So yes, for a short term, outperformance happened. The API companies started showing 20% plus kind of margins and as the Covid receded or things became normal, most of them have hit below 20% margin and are not even able to hold 17-18% margin.

So as we are going back to normalcy, the easy money has already been made in pharma and it is going to be very stock specific. We may see something like Divi’s outperforming. A new stock which got listed, Gland Pharma, is outperforming. Now it is going to depend on earnings growth and valuations.

Sun has been an underperformer for a long period of time and for two quarters, they have started showing good performance on the specialty portfolio which the market was waiting for. The stock is outperforming now. It is very, very stock specific now. The big move is over in pharma



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Chakri Lokapriya, BFSI News, ET BFSI

Banking & Finance

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SBI’s credit costs have come down and it looks like SBI has executed well, given the tough macro environment. The Covid related provisioning are largely within expectation and gives comfort that numbers for other banks will also hopefully be in line or better, says Chakri Lokapriya, CIO & MD, TCG AMC.

Just looking at SBI’s performance, the big takeaway from the numbers is the asset quality outcome, the fact that they have managed to brave the Covid-19 second wave impact. Slippages have come in at 2.47%, of which, a significant amount has already been pulled back in July. Do you think that is something that is going down well with the street?
It is absolutely right because going into the quarter, the economic backdrop had the services economy still in a contraction while the manufacturing sector was moving by stops and starts. There was a fear that slippages would increase from industries that take loans from SBI.

Now those slippages are under control. The 15,600 odd crore mark is a good number. Secondly, we know that credit growth is unlikely to pick up any time soon. The number reflects that 5% to 6% range whereas the deposit growth continues to remain strong. SBI’s credit costs have come down and it looks like SBI has executed well, given the tough macro environment. The Covid related provisionings are largely within expectation and gives comfort that numbers for other banks will also hopefully be in line or better.

Would a long-term investor be willing to buy the stock at the current levels?
Absolutely. The stock at the current levels still trades only at about close to its book value around one time for the medium to longer term investor. For a franchise as strong and big as SBI, one in four or five loans in this country is made by SBI.

Today whether it is corporate banking, retail banking or the government borrowings from banks, SBI has executed well. So even without multiple re-rating, the stock can go much higher. At this current rate it will probably hit north of Rs 600 in less than about a year’s time from now.

What are your views on HDFC Ltd?
After long underperformance due to slowing loan growth etc, hopefully things will improve for HDFC if there is no third wave. Also coming out of the current lockdowns, home loan growth rates are picking up while other forms of borrowing or lending has still not picked up. That is reflected both in the volumes of real estate companies as well as by the housing finance companies. I think given its underperformance, HDFC being the market leader along with LIC Housing and Repco, could do well in the next couple of quarters



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SBI reports 55% jump in profits in Q1; retail asset quality worsens across segments as Covid second wave hits collections

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SBI has seen a pullback of about Rs 4,700 crore of slippages in the last one and half months, he added.

State Bank of India’s (SBI) standalone net profit rose 55% year-on-year (y-o-y) to Rs 6,504 crore in Q1FY22 on the back of a 48% jump in non-interest income. However, the bank reported a deterioration in asset quality across segments of retail credit as collections were hit by the second wave of Covid-19.

In the June quarter, slippages fell 29% sequentially to Rs 15,666 crore. Of the total slippages, Rs 6,416 crore came from the small and medium enterprises (SME) segment and Rs 5,268 crore from retail. The ratio of gross non-performing assets (NPAs) in the retail segment was 1.28%. The bank reported an NPA ratio of 2.24% in its gold loan book and 1.39% in its home loan book.

Half of SBI’s home loans are to the non-salaried segment and some of them are linked to SME borrowers, said Dinesh Khara, chairman, SBI. He attributed the high NPA ratio in gold loans to the inability of collection staff to reach borrowers amid mobility restrictions.

Khara said after the second wave receded, the bank has seen a decent pullback in home loans and the other retail segments. “The SME sector is a little more sticky and we are seeing better traction for debt restructuring from this sector,” Khara said, adding that of the Rs 7,300 crore of recast requests, about Rs 1,400 crore has come from the SME sector. Recasts for SME accounts worth Rs 1,100 crore have been carried out.

“Going forward, the lockdowns are absent and revival of economic activity is being seen and these are some of the positives. The slippages came under unusual circumstances on account of lockdowns and once economic activity comes back, slippages would also be in a position to be pulled back,” Khara said.

SBI has seen a pullback of about Rs 4,700 crore of slippages in the last one and half months, he added. The bank’s overall asset quality suffered, with the gross NPA ratio rising 34 bps sequentially to 5.32% and the net NPA ratio rising 27 bps to 1.77%.

SBI’s net interest income (NII), or the difference between interest earned and expended, rose 3.7% y-o-y to Rs 27,638 crore. The domestic net interest margin (NIM) rose 4 basis points (bps) sequentially to 3.15%. Khara said as credit offtake improves, the bank expects an improvement in NIMs. He guided for a credit growth of around 9% in FY22.

The bank’s gross advances grew 5.8% y-o-y to Rs 25.23 lakh crore as on June 30, 2021. Retail loans grew 16.5% y-o-y, while the corporate loan book shrank 2.33%. The chairman added that SBI has seen an improvement in utilisations in the mid-corporate segment in FY22. “We are seeing that in certain sectors like iron and steel, there is an improvement in activities. We saw an under-utilisation of about 30% last time when we met, but this time in the commercial client group, it is 25%, a slight improvement,” he said.

SBI will remain focused on the home loan market and it sees no reason to reorient its strategy there. “When it comes to home loans, the market potential is huge and there is no reason for us to slow down. We have mastered how to ensure right appraisals and timely distribution and would like to continue doing well,” Khara said.

Deposits grew 8.8% y-o-y to Rs 37.21 lakh crore as on June 30, with the current account savings account (CASA) ratio up 63 bps y-o-y to 45.97%.

SBI’s shares ended 2.37% higher than their previous close on the BSE at Rs 457.05 on Wednesday.

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SBI makes online banking more secure on YONO & YONO Lite: Here's how

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To access to the new version of YONO and YONO Lite with enhanced security features, as per the press release, users will have to update their mobile app and complete the one-time registration process on these apps. The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.

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SBI launches ‘SIM binding’ feature in YONO,YONO Lite

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State Bank of India (SBI) has launched a ‘SIM Binding’ feature in its digital banking platforms, YONO and YONO Lite, to protect customers from various frauds.

With the new feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the bank, India’s largest bank said in a statement.

To access the new version of YONO and YONO Lite with enhanced security features, users will have to update their mobile app and complete the one-time registration process on these apps, it added.

Also read: Through digital strategy, SBI to explore partnership with Agritechs to push farm credit

The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.

“YONO and YONO Lite will work with the basic rule of one mobile device, one user, one RMN. However, the customer can use both YONO and YONO Lite in the same mobile device using the SIM of RMN with the bank,” the statement said.

Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI, said with this new feature, the bank’s aim is to provide enhanced security to its customers and help them with convenient and safe online banking experience.

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Venugopal Dhoot moves NCLAT to set aside NCLT order on Videocon, BFSI News, ET BFSI

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Venugopal Dhoot, has moved the National Company Law Appellate Tribunal (NCLAT) against the June 8, 2021 order of the National Company Law Tribunal (NCLT) Mumbai approving the bid of Vedanta Group company Twinstar Technologies Limited to acquire the bankrupt Videocon Industries Limited for ₹2,962 crores.

Dhoot has petitioned NCLAT to set aside the ‘Resolution Plan’ approved by the NCLT and allow seeking of fresh resolution plans for all assets of the group, including all foreign oil and gas assets.

In his petition, he listed three respondents filed at the National Company Law Appellate Tribunal (NCLAT) on Saturday—Videocon Group resolution professional Abhijit Guhathakurta, the committee of creditors (CoC), and Twin Star Technologies

The petition also requested NCLAT to direct the Committee of Creditors to consider the ‘Resolution Plan’ submitted by him under Section 12A of the Insolvency and Bankruptcy Code (IBC) that entails a “zero haircut” (involving no loss to the banks/ creditors).

Dhoot stated in his petition that the resolution professional had violated Sections 30(2) and 61(3)(ii) of the IBC. He accused the resolution professional of withholding information in the tender form and eroding the value of the company by closing it down.

Commercial wisdom exercised by lenders is “arbitrary and irrational and does not reflect any applicability of mind by rejecting a proposal which was 10 times higher and submitted at an early stage of the process”, he said.

Dhoot further added, “The liquidation value of these oil assets is not less than ₹15,000 crore. As such RP (resolution professional)/ COC (committee of creditors) has no authority to sell oil assets and consumer durables separately. If the RP had sold oil and consumer durables together, he would have got minimum of ₹25,000 crores against a loan of ₹49,000 crores (₹29,000 crores of consumer durables business and ₹20,000 crores of oil assets)”

“Thus recovery would have been around 50% and not 5% as seen today,” he added.

There are 35 financial creditors of Videocon, of which 19 major creditors include SBI, Union Bank, IDBI, Central Bank, BOB, and ICICI Bank who approved the resolution at a December vote. This implied a 95.85% haircut. But three minority shareholders, Bank of Maharashtra, SIDBI, and IFCI rejected the resolution on the ground of low resolution and filed an appeal in NCLAT.



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SBI waives processing fee on home loans till August-end, BFSI News, ET BFSI

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The country’s largest lender State Bank of India (SBI) on Saturday announced waiving processing fee on home loans till August-end. Currently, the processing fee on home loans is 0.40 per cent.

SBI said it is the bank’s limited period ‘Monsoon Dhamaka Offer‘, through which a home loan customer can gain substantially. The state-owned lender said the offer will help revive the consumer sentiments.

“There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 per cent,” SBI said in a release. The Monsoon Dhamaka Offer is for a limited period ending on 31st August 2021, SBI said.

“We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation-building,” C S Setty, MD (Retail & Digital Banking), SBI said.

There will be a concession of 5 bps (0.05 percentage) for home loans applied through the bank’s one-stop YONO App. Women borrowers will be eligible for concession of 0.05 percentage (5 basis points/bps) on the loan rate.



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RBI’s current account rule kicks in, hits small firms, BFSI News, ET BFSI

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Small businessmen and firms are hit as banks rush to meet the July 31, Reserve Bank of India deadline for not opening current account for borrowers who have loans with other banks

Banks are freezing current accounts of firms with more than 10% loans with other banks. Mostly small firms are hit as large corprates have their loans spread across banks.

The circular

In its August 6, 2020, circular, the regulator had mandated that no bank shall open current accounts for customers who have availed credit facilities in the form of CC/OD from the banking system, and all transactions shall be routed through the CC/OD account. The RBI moved was targeted to ensure greater discipline and transparency in the way large borrowers move funds.

Banks can have current accounts for that bank which accounts for at least 10% of its loans, according to RBI rules.

It had said that in the case where a bank’s exposure to a borrower was less than 10% of the banking system’s exposure to that borrower, debits to the CC/OD account can only be for credit to the CC/OD account of that borrower with a bank that has 10% or more of the exposure of the banking system to that borrower.

The circular was to be implemented by January this year. However, with banks dragging their feet, the central bank has imposed July 2021 as a final deadline.

However, small borrowers who use one bank to borrow and another for transactions will no longer be able to do so.

Several entrepreneurs, who do banking with private banks for their superior service, but have loans with public sector banks have been hit by the circular as their accounts are frozen.

Big banks gain

The Reserve Bank of India’s (RBI) insistence on companies opening current accounts with banks is among the factors that have helped large lenders such as HDFC Bank, ICICI Bank and SBI raise their shares of the competitive corporate banking market in 2020, according to a report.

The RBI had come up with the circular that specified which bank can open a current account for a borrower, in order to check any misuse through multiple current accounts.

A fourth of the large and medium corporates said they were banking with at least one among ICICI Bank, Axis Bank and HDFC Bank as against 17 per cent in 2016, it said adding that the private sector banks have grown at over 25 per cent per year.



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Foreign banks lose card market share, BFSI News, ET BFSI

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Foreign banks have seen their share of credit cards come down by a third in the last three years. In terms of value of transactions, their share has halved as that of private and public sector banks have grown.

According to data released by the RBI, foreign banks had 57 lakh credit cards outstanding as of March 2018. At that time, there were 3.8 crore credit cards in India, which gave the multinationals a market share of 15%. However, despite losing market share, the foreign banks had significant clout because of the higher value of transactions by their customers who spent more than the average cardholder. In 2018, the foreign banks had monthly card spends of Rs 10,380 crore — a 23.4% share.

Fast forward to March 2021, when the total market expanded to 6.2 crore cards while the number of cards issued by foreign banks stood at 66 lakhs, reflecting a market share of nearly 11%. It is not just in the number of cards that the multinationals have been losing ground. In terms of value of transactions too, foreign banks have a market share of 11.8% in the Rs 72,372-crore monthly volume.

While private banks have consolidated their market share in the card space, increasing their share from 63% to 66%, public sector banks have grown from 21.6% to 23.2% in three years. State Bank of India accounts for almost 80% of all public sector banks. Overall, SBI has 19% of the credit card market, which is still behind the 24% share of HDFC Bank.In global banks, four dominate the credit card space — Citi, Amex, StanChart and HSBC. These MNC banks have also played a pioneering role in the card business in India and they dominated the market in the ’90s. Citi’s decision to exit its retail business in India could further reduce share of foreign banks, should the portfolio be taken by a local player. Additionally, American Express faces a freeze on on-boarding new customers due to data-localisation norms even as more private banks are stepping in.

In 2018, American Express had 3% of the credit card market in terms of number of customers. But it accounted for 10% of all spending by credit card customers in India. In 2021, their share of cards shrunk to 2.5%, while the share of spending declined to 4%. Citibank, which had a 7% share of cards and 9% share of spend, saw these fall to 4% and 6%, respectively. HSBC has held ground better than others with a market share of 1.4% as of March 2021 (1.5% in ’18) and retaining its 1% share of total spend.



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