Repco Home Finance Q3 Review - Lower Covid -19 Impact On Asset Quality: IDBI Capital
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IDBI Capital Report
Repco Home Finance Ltd. reported lower rise in stage-three assets (proforma) versus earlier expected; gross stage-three (Proforma) at 4.3% versus 4.0% QoQ.
Also restructured assets stood at 0.3% which is part of Proforma stage-three assets is key positive.
Loan growth was lower at 4% YoY (5% YoY Q1 FY21) versus 7% YoY (FY20) led by higher balance transfers by banks as well as lower disbursements (down 16% YoY).
Net interest income grew by 16% YoY (up 9.5% QoQ) led by improvement in net interest margins; pre-provision operating profit grew by 22% YoY led by improvement in cost to income ratio.
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