Equitas Holdings Limited [EHL] announces the Q1FY21 financial performance (unaudited) of its subsidiary Equitas Small Finance Bank [ESFBL]
Cumulative COVID provisions of Rs. 144.63 Cr
Moratorium Opt in % at 43% as of July 2020 from 51% as of June 2020
Retail TD at Rs. 4,377 Cr, growth of 96% YoY
Q1FY21 Highlights:
1. Key Highlights for Q1FY21:
· Advances^:
o Advances^ as of Q1FY21 was at Rs. 15,573 Cr, Advances^ growth of 27% YoY
o The Bank disbursed Rs. 564 Cr in Q1FY21
o 76% of advances* is secured loans
· Liabilities:
o Deposits excluding CD at Rs. 11,471 Cr as on 30th June 2020, growth of 30% YoY and 11% QoQ
o Retail TD at Rs. 4,377 Cr as on 30th June 2020, growth of 96% YoY and 15% QoQ
o Savings Account deposits at Rs. 2,024 as on 30th June 2020, growth of 9% QoQ
o CASA stood at Rs. 2,354 Cr as on 30th June 2020, CASA as a % of Total Deposits at 21%
^Advances = Gross Advances including IBPC issued
o All the Channels (TASC, CA, Corporate Salary, NR) started their full-fledged functioning in Jun’20
· Key Ratios:
o Cost to Income+ at 66.41% in Q1FY21 as compared to 69.09% in Q1FY20
o RoA^ and RoE# for Q1FY21 at 1.20% and 8.72% respectively
· Capital:
o As of June 30, 2020 Total CRAR at 21.59% and Tier-I CRAR of 20.61%; Well above minimum regulatory requirements of 15% and 7.5%
o Tier II Capital at 0.98%
· Treasury & Liquidity:
o Bank has undertaken Inter-Bank Participation Certificates (IBPCs) with a mix of PSL/Non-PSL advances which further enhances the liquidity of the Bank
o Liquidity Coverage Ratio (LCR) as on 30.06.2020 at 139.4% much above the minimum regulatory requirement of LCR at 80%
o Average cost of funds for Q1FY21 at 7.63%
2. Profit & Loss:
o Net Interest Income for Q1FY21 at Rs. 404 Cr as against Rs. 337 Cr in Q1FY20, NIM* at 8.63%
o PBT before provisions and write off for Q1FY21 at Rs. 146 Cr as against Rs. 123 Cr in Q1FY20
o During the quarter, Bank made provisions of Rs. 68.34 Cr including additional provision of Rs. 45 Cr for potential impact of COVID-19 in addition to Rs. 99.63 Cr COVID-19 provision created in last quarter.
o The bank now carries Rs. 144.63 Cr of COVID-19 related provisions (other than Standard and NPA Provisions), which constitutes 0.93% of our total Gross Advances.
o PAT for Q1FY21 at Rs. 60 cr as against Rs. 59 Cr in Q1FY20
NIM = Net interest income as a % of avg. income earning assets |+Cost to income ratio is calculated as a ratio of Operating expenses divided by Net Operating Income (Net Operating Income is a sum of net interest income and other income) ^RoA – ratio of the net profit for the period/year total average assets | RoE# - Ratio of the net profit for the period/ to the average shareholders’ Equity
3. Balance Sheet:
· Advances^ as of June 30, 2020 grew 27% YoY to Rs. 15,573 Cr
o Micro Finance grew by 16% YoY from Rs. 3,124 Cr in Q1FY20 to Rs. 3,618 Cr in Q1FY21
o Small Business Loans (Incl. HF) grew by 32% YoY from Rs. 4,926 Cr in Q1FY20 to Rs. 6,484 Cr in Q1FY21
o Vehicle Finance grew by 25% YoY from Rs. 3,027 Cr in Q1FY20 to Rs. 3,776 Cr in Q1FY21
o MSE Finance grew by 154% YoY from Rs. 280 Cr in Q1FY20 to Rs. 712 Cr in Q1FY21
o Corporate Loans grew by 39% YoY from Rs. 555 Cr in Q1FY20 to Rs. 772 Cr in Q1FY21
4. Liabilities & Branch Banking:
· Deposits excluding CD at Rs. 11,471 Cr, growth of 30% YoY
· Retail TD at Rs. 4,377 Cr as on 30th June 2020, growth of 96% YoY and 15% QoQ
· Savings Account deposits at Rs. 2,024 as on 30th June 2020, growth of 9% QoQ
· CASA stood at Rs. 2,354 Cr as on 30th June 2020, CASA as a % of Total Deposits at 21%
5. Asset Quality:
· GNPA$ at 2.68% in Q1FY21 as compared to 2.72% in Q4FY20 and 2.73% in Q1FY20
· NNPA$ at 1.39% in Q1FY21 as compared to 1.50% in Q4FY20 and 1.54% in Q1FY20
6. Moratorium Update:
6. Moratorium Update:
Asset Products
|
As on June 2020
|
As on July 2020
|
Opt in % of Gross Advances as on 31st March 2020
|
Opt in % of Gross Advances as on 30th June 2020
| |
Micro Finance
|
59%
|
42%
|
Small Business Loans
|
42%
|
40%
|
New Commercial Vehicle Finance
|
65%
|
54%
|
Used Commercial Vehicle Finance
|
70%
|
60%
|
MSE Finance (Working Capital)
|
48%
|
46%
|
Corporate – NBFC Book
|
0%
|
0%
|
|
Corporate – Small Corporate
|
96%
|
96%
|
Total
|
51%
|
43%
|
$GNPA & NNPA including IBPC
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