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Q4FY21 Highlights:

  1. Key Highlights for Q4FY21:
  • Advances:

o   Advances as of Q4FY21 was at Rs. 17,925 Cr, Advances growth of 17% YoY

o   Disbursed Rs. 2,535 Cr in Q4FY21

o   81.37% of advances is secured loans

o   New Product – Used Car Advances cross Rs. 120 Cr

o   Collection & Billing efficiency for the month of March 2021 at 108.51% and 91.12% respectively

o   Collection efficiency nears pre-covid levels:

  • MFI X Bucket Collection efficiency for the month of March 2021, December 2020 & Feb 2020 at 98.70%, 98.30% & 98.50% respectively 
  • SBL X Bucket Collection efficiency for the month of March 2021, December 2020 & Feb 2020 at 99.60%, 99.05% & 99.41% respectively
  • VF X Bucket Collection efficiency for the month of March 2021, December 2020 & Feb 2020 at 98.85%, 95.72% & 96.50% respectively

*Management Overlay Provision – Provision carried in excess of the regulatory requirement

  • Liabilities:

o   Deposits excluding CD at Rs. 16,319 Cr, growth of 58% YoY and 4% QoQ

o   Retail TD at Rs. 5,869 Cr, growth of 54% YoY and 7% QoQ

o   Savings Account deposits at Rs. 5,094 Cr, growth of 174% YoY and 45% QoQ

o   CASA stood at Rs. 5,614 Cr, CASA is 34% of Total Deposits

  • Digital 2.0:


o   Tied-up with NiyoX in March 2021 to offer 2 in 1 wealth + Savings account. An industry first for offering Savings + Investment on a single platform. Opened 27,000+ accounts since launch in March 2021

o   Partnered with Groww for online FD opening. Pilot program in progress

Digital Payments & Acquisitions:

o   FASTag – 78,000+ FASTags issued in Q4FY21, 1.3 Bn+ transaction throughput. Multiple toll plazas and parking terminals being acquired 

o   Micro ATM Services – 37 Bn+ transaction throughput, 10 Mn+ transactions processed

o   UPI QR Acquiring – 92 Mn+ transaction throughput, 100,000+ transactions

o   POS Acquiring – 3.4 Bn+ transaction throughput, 680,000+ transactions

Digital Transaction Banking:

o   Corporate Payment Services – 6.6 Bn+ transaction throughput, 2 lacs+ transactions processed

o   Aadhaar Enrolment & eKYC – 60,000+ enrolments across 75 branches, ~300,000 successful Authentication and eKYC transactions

o   Video Banking – 9 Services Live, Same services to be exposed to Neo banking partners

Prepaid Engagements:

o   Prepaid Gift Cards – Crossed 100 Mn+ transaction throughput

o   Launched Prepaid Cards for Cooperative Societies

o   Partnered with Fintechs for cashless campus programs

  • Key Ratios:

o   Cost to Income at 58.10%^ as compared to 56.35% in Q3FY21 and 62.14% in Q4FY20

o   RoA and RoE for Q4FY21 at 1.80% and 13.52% respectively

^ Income considering net-off of switching fees & prepaid card expense

  • Capital:

o   As of March 31, 2021 Total CRAR at 24.18%, Tier-I CRAR of 23.23% and Tier II CRAR at 0.95%

  • Treasury & Liquidity:

o   The Bank’s Certificate of Deposit (CD) programme for Rs. 1,000 Cr has highest rating from at CRISIL A1+

o   The Bank has adequate room available to avail refinance or raise funds through IBPC (with mix of PSL / Non-PSL) whenever required which provides strong cushion to ALM position of the Bank.

o   The Bank currently maintains ‘surplus’ liquidity in the form of High Quality Liquid Assets (HQLA)

o   During the quarter, Bank sold PSLCs worth Rs, 3,000 Cr

o   Income booked on sale of PSLCs for this quarter amounted to Rs. 44.6 Cr which includes Rs. 5.8 Cr received in Q3FY21

o   During the quarter, the Bank participated in equity primary market. Profits realised in those equity IPOs amounted to Rs. 2 Cr

  1. Profit & Loss:

o   Net Interest Income for Q4FY21 at Rs. 449 Cr as against Rs. 424 Cr in Q4FY20. NIM at 7.57%

o   Core Income (Net Income other than PSL Fees, Treasury & Others) at 84%

o   PBT before provisions and write off for Q4FY21 at Rs. 250 Cr as against Rs. 188 Cr in Q4FY20, growth of 33%

o   PAT for Q4FY21 at Rs. 113 cr as against Rs. 43 Cr in Q4FY20, growth of 162%

  1. Asset Quality, Provisions & Restructuring:
  • During the quarter the Bank has written off of Rs. 171 Cr in the Micro Finance portfolio
  • Loan loss and provision for FY21 was Rs. 375 Cr as against Rs. 247 Cr in FY20. The Bank holds a management overlay provision* of Rs. 153 Cr crore as of 31st March 2021
  • GNPA at 3.59% in Q4FY21 as compared to 4.16% (proforma approach) in Q3FY21 and 2.72% in Q4FY20
  • NNPA at 1.52% in Q4FY21 as compared to 1.71% (proforma approach) in Q3FY21 and 1.67% in Q4FY20
  • Credit Cost for FY21 at 2.26%
  • Provision coverage ratio at 58.59%
  • Bank holds cumulative provision (standard asset + floating + provision for NPA) of 2.56% of advances

*Management Overlay Provision – Provision carried in excess of the regulatory requirement

  1. Collection & Billing Efficiency Product Wise:
ParticularsCollection EfficiencyDecember 2020BillingEfficiencyDecember 2020Collection EfficiencyMarch 2021BillingEfficiencyMarch 2021
Micro Finance97.98%91.29%93.44%91.90%
Small Business Loans104.56%90.56%106.56%91.48%
Vehicle Finance108.39%82.25%113.84%87.74%
MSE Finance192.55%88.88%180.26%89.04%
  1. Collection efficiency represents total collections during the month as a percentage of March months total EMIs due
  2. Billing efficiency represents only the EMIs of March alone collected as a percentage of March months total EMIs due. The March month total EMIs includes EMIs of accounts which are in NPA also and not just standard assets

Collections touch pre-Covid levels

ParticularsX Bucket Collection EfficiencyMarch 2021X Bucket Collection EfficiencyDecember 2020X Bucket Collection EfficiencyFeb 2020
Small Business Loans99.60%99.05%99.41%
Vehicle Finance98.85%95.72%96.50%
Micro Finance98.70%98.30%98.50%
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