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ICICI Securities Report
Operating performance trends for housing financiers were quite divergent in Q1 FY22 and we pen down a few notable trends.
We also highlight how they fared vis-a-vis our expectations as well as against each other.
What encouraged:
developer collections were not too adversely impacted; stress pool for the developer segment was broadly stable;
What gives confidence:
July bounce rates / collection efficiency are at least similar to, if not better than March 2021.
cumulative provisions cover significant portion of outstanding stress pool; incremental provisioning is expected to be capped at less than 1%/0.8% over FY22E/FY23E.
What failed to cheer:
restructuring was prominent in non-individual loans; housing finance companies in affordable housing segment witnessed home loan restructuring requests.
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