Repco Home Finance Q4 Review - Asset Quality Improved; Loan Growth Slowed Down Further: IDBI Capital
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IDBI Capital Report
Repco Home Finance Ltd.'s gross stage-III assets improved to 3.7% versus 4.3% YoY (4.3% proforma non performing asset in Q3 FY21); net non performing asset declined to 2.3% led by higher provision coverage ratio at 40% YoY.
Restructured assets remains stable at 0.3% for FY21 while need to watch out for restructuring 2.0.
Loan growth was lower at 2% YoY (4% YoY Q3 FY21) versus 7% YoY (FY20) led by higher balance transfers by banks as well as lower disbursements (up 6% YoY).
Net interest income grew by 6% YoY (down 3% QoQ) led by improvement in net interest; pro provision operating profit grew by 9% YoY led by higher other income (up 41% QoQ).
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