IDFC FIRST Bank BUY

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Equity ResearchJune 1, 2021BSE Sensex: 51937ICICI Securities Limitedis the author anddistributor of this reportInitiating coverageBankingTarget price Rs73Shareholding patternPromotersInstitutionalinvestorsMFs and othersFIs/BanksInsuranceFIIsOthersSource: 100May-18(Rs)Price chartResearch Analysts:Kunal Shahkunal.shah@icicisecurities.com 91 22 6637 7572INDIAIDFC FIRST BankBUYSuperior incremental unit economicsdemonstrates business potentialRs59We initiate coverage on IDFC FIRST Bank (IDFCFB) with BUY recommendation andtarget price of Rs73 (assigning 1.9x multiple to FY23E book). The bank’s evolution isunique in a sense: on getting license, it was created out of demerger of infrastructurefinancing business followed by merger of erstwhile Capital First. Stress build-up andfranchise investment resulted in a weak return profile (net worth erosion) during thetransition phase. However, the new bank, with a new Board, new management andrenewed focus, has made significant strides in retailisation and granularisation of itsbusiness. Current return profile is dragged by high-cost structure, low fee income andelevated credit cost. Nonetheless, its marginal unit economics is superior andincremental retail disbursements have potential RoE of 20%. Going forward, keytriggers for RoE improvement would be normalisation of cost to income ratio, retailfee income scale-up, and steady improvement in NIM trajectory. Key risks would besustenance of cutting edge execution of stated strategy and elevated ‘cost to income’. Remarkable transition in asset and liability profile post the merger: IDFC FIRSTBank followed a structural path towards retailisation of assets as well as liabilities. Afterhaving rolled out a 5-year strategic roadmap towards targeted RoA and RoE of 1.4-1.6%and 13-15% respectively, it has made significant strides on most operating parameters:1) retailisation of assets ( 30% CAGR over FY19-FY21, now constituting 63% of assets);2) granularity of deposits – average CASA deposits surged to 50% and deposits of Rs10mn are at 62%; 3) sharp spike in NIM from 2% in FY18 to 5% in FY21 and verymuch on track towards targeted levels of 5.0-5.5%. Retail GNPAs rise amidst disruption; wholesale portfolio adequately covered: WithFY21 slippage run-rate of 5% ( 7% for retail), GNPAs rose to 4.15% (from 2.6% inFY20). Retail GNPAs at 4.01% are higher by 175bps from the pre-covid average.Restructured pool is equivalent to 1.3% of retail assets. Despite the incremental stress inFY21, credit cost was contained at 250bps for FY21 supported from adequately coveredand write-back in wholesale portfolio. Coming from a high-growth phase in retail ( 25%in FY21), the impact of covid second wave disruption needs to be closely monitored. Investment in franchise comes at a cost; efficiency key to drive RoAs: Bank hasactively invested in people, processes, products, infrastructure and technology to puttogether all the necessary building blocks towards a stronger foundation essential for along-term sustainable growth engine. However, this has come at a cost, and the coststructure hovers much higher compared to peers (IDFCFB’s ‘cost to income’ at 70%).However, cost efficiency and containment will be a key RoA driver going forward. RoE profile currently low; incremental unit economics superior: IDFC FIRST Bank’scurrent return profile is dragged by higher ‘cost to income’, lower fee income, andelevated credit cost. Nonetheless, its far superior incremental unit economics isencouraging (incremental retail disbursements have potential RoE profile of 20%). Aswe see a steady and sustainable transition in favour of retail assets/liabilities, we expectreturn profile to improve (to 8%/11% by FY23E/FY24E) on the back of normalisation of‘cost to income’, retail fee income scale-up, and steady improvement in NIM trajectory.Market CapRs363bn/US 5bnReuters/BloombergIDFCFB INShares Outstanding (mn)52-week Range (Rs)6,201.968/23Year to MarFY21PFY22EFY23EFY24ENII (Rs mn)69,89895,1591,18,2651,43,04127,665Net Income (Rs mn)4,5235,21318,318EPS (Rs)0.80.83.04.5NM6%251%51%Renish BhuvaFree Float (%)60.0% Chg YoYrenish.bhuva@icicisecurities.com 91 22 6637 7465FII (%)11.9P/E (x)Chintan Shahchintan.shah@icicisecurities.com 91 22 6637 7658Piyush Kherdikarpiyush.kherdikar@icicisecurities.com 91 22 6637 7465Daily Volume (US '000)37,212Absolute Return 3m (%)(7.8)Absolute Return 12m (%)164.774.170.220.013.2P/BV (x)1.81.71.51.4Net NPA (%)1.91.81.61.5Dividend Yield (%)4.25.04.34.0Sensex Return 3m (%)6.0RoA (%)0.30.30.91.2Sensex Return 12m (%)62.1RoE (%)2.72.78.411.6Please refer to important disclosures at the end of this report

IDFC FIRST Bank, June 1, 2021ICICI SecuritiesTABLE OF CONTENTInvestment thesis . 3Significant strides in retailisation and granularisation of business . 3Consistently rising NIM trajectory nearing targeted levels . 9Retail GNPAs rise amidst disruption; wholesale portfolio adequately covered . 13Cost efficiency and retail fee enhancers – triggers to RoA improvement . 16Incremental RoA/RoE economics far better than reported . 17Building digital and data analytical capabilities . 18Valuations . 20Key risk factors . 24About IDFC FIRST Bank . 25Board of directors . 28Key managerial personnel . 29Financial summary . 30Annexures. 32Index of Tables and Charts . 33*BSE Sensex and CMP are as on May 31, 20212

IDFC FIRST Bank, June 1, 2021ICICI SecuritiesInvestment thesisSignificant strides in retailisation and granularisation of businessPost the merger of erstwhile IDFC Bank and Capital First, IDFC FIRST Bank isfollowing a structural path towards retailisation of assets as well as liabilities. Afterhaving rolled out a 5-year strategic roadmap towards targeted RoA and RoE of 1.41.6% and 13-15% respectively, it has made significant strides on most operatingparameters (be in retailisation of assets, granularity of deposits, improving NIMtrajectory, etc.). It has actively invested in people, processes, products, infrastructureand technology to put together all the necessary building blocks towards a strongerfoundation that is essential for a long-term sustainable growth engine.Evolving into a high-yielding retail bank; targeted retail mix at 70-75%Post becoming a bank, the erstwhile IDFC Bank took early steps to diversify awayfrom infrastructure into corporate and retail banking. After merger of erstwhile CapitalFirst, with Mr. V. Vaidyanathan at the helm, management is focused on building ahigh-yielding retail banking franchise (average retail yield at 15%). On its guidedstrategy, over the past 24 months, it has built strong capabilities in meeting financingneeds of consumers, small businesses and MSMEs – through a bouquet of loanproducts namely home loans, LAP, business loans, personal loans, wheels (2wheelers, car, CV financing), micro loans, etc. Bank has also launched gold loans,primarily targeted at rural customers and credit cards with variants offering lifetimefree, dynamic interest rate, highly rewarding programs, interest-free cash withdrawal,etc. Also, after having tapped the affordable housing segment (yields of 8-9%), nowwith reduced savings and term deposit rates, it plans to participate in the prime homeloan market as well (with competitive rates starting at 6.9%). Besides newly launchedproducts, the bank plans to effectively scale-up its entire bouquet of retail portfolio.Retail assets after compounding at 34% CAGR over FY19-FY21 to Rs737bn nowconstitutes 63% of customer assets (including inorganic buyouts). Quarterly run-rateaccretion of Rs50bn-70bn of retail assets suggests it is on track towards the targetedRs1trn of retail assets by FY23/FY24. On overall loan base of Rs1.4trn -1.7trn by then,it would contribute 70-75% to the overall AUM.3

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Chart 1: Retail assets have more than doubled since merger in Dec’18Retail funded assets800700737667600(Rs bn)5005375735994003923003234083622001004QFY18 2QFY19 3QFY19 4QFY19 3QFY20 4QFY20 2QFY21 3QFY21 4QFY21Source: Company data, I-Sec researchTable 1: Portfolio growth led by retail; corporate run-down continuesHome LoansLoan against propertySME loansWheelsConsumer loansCredit CardRuralOthersECLGS portfolioTotal Retail Funded Assets (A)CorporatesConglomeratesLarge CorporatesEmerging Large CorporatesFinancial Institutional GroupOthersInfrastructureTotal Wholesale Funded Assets (B)PSL Inorganic (C)SRs and Loan Converted into Equity (D)Total Funded Assets (A B C D)Source: Company data, I-Sec 311319711101810833974211,171YoY 27%-14%-7%-11%9%QoQ 11%-9%6%Infrastructure loans to be completely run down; selective lending innon-infra corporate segmentBank is committed to reduce concentration risk and is steadily running off wholesaleexposure – down by more than a third in two years to Rs339bn (from a peak ofRs570bn just prior to the merger). Of the wholesale exposure, infra book has beenalmost halved since merger to Rs108bn and will be further rationalized to a verynegligible proportion in 3-5 years. With regard to the non-infrastructure credit portfolio,it will continue to adopt a selective stance based on the opportunity and risks involved,on a case-by-case basis.4

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Chart 2: Running down wholesale portfolioeffectivelyChart 3: Reducing concentration risk is key 3394379370348339600500(Rs bn)Exposure to Top 10 borrowers as a % of total funded assets20%18.8%Wholesale funded assets700Source: Company data, I-Sec researchSource: Company data, I-Sec researchChart 4: On track with plan to rationalise infraportfolio to a negligible level in 3-5 yearsChart 5: Infra book as % of total assets has shrunkconsiderably since mergerSource: Company data, I-Sec 0%20321522723626635%268250200(Rs bn)Infrastructure financing portfolio as a % of total funded assets40%36.7%Infrastructure funded assets3000%4QFY183QFY194QFY19Source: Company data, I-Sec research4QFY204QFY215

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Rapid progress in retailisation of liabilitiesBank is making rapid progress in retailisation of liabilities reaching the targeted levels,articulated in a 5-year roadmap, almost 2-3 years earlier. Focusing on reach, pricingand services, it has devised a strategy to build CASA deposit franchise that has scaledup more than 5x since FY19. Average CASA deposits in FY21 surged to 50% (fromless than 10% in FY19); this compares with the target of 30% set for FY24 and 50% acouple of years later.Having offered the best rates in the industry that helped significant ramp-up in CASAdeposits, the bank after reducing the peak savings rate from 7% to 6% in Feb’21, hasfurther reduced it to 5% in May’21 (4% for accounts with balance of Rs0.1mn). Theintention is to drain out the excess liquidity and to save the negative carry costcurrently being incurred. The behaviour in savings deposits post reduction will becritical and momentum of accretion, if sustained, will impart a lot of confidence thatreach and service (beside pricing) are also key determinants in driving liability growth.Chart 7: with sharp surge in CASA depositsChart 6: CASA ratio up 5x in past two yearsAverage 5200.0207250.0162(Rs Y20(%)40.0459450.050.010.0CASA Deposits500.0Source: Company data, I-Sec researchSource: Company data, I-Sec researchChart 8: CASA proportion of deposits comparesbetter than private banksChart 9: SA productivity per branch also amongstthe best in class800.0Source: Company data, I-Sec BANKIDFCFB200.00.0HDFCBANK686300.00.0IDFCFB445(Rs mn)400.0100.0KOTAKBANK6500.010.0Source: Company data, I-Sec 060.0SA/branch - FY21HDFCBANK700.0731CASA - FY21KOTAKBANK70.0

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Reduced concentration of bulk deposits/borrowingsBank has successfully replaced wholesale deposits/borrowings with retail customerdeposits – proportion of core retail deposits is now up to 77% (targeted to breachtarget of 80% by FY24). Consequently, concentration of the top-10 depositors is downto mere 6% (from almost 29% during merger) as wholesale deposits have contractedmore than 25% in a single year.Bank is still carrying a legacy long-term / infra and other bonds of Rs240bn at a highercost of 8.5-9.0%. Replacement of the same with low-cost retail deposits will itselfsupport reduction in the cost of funding lower even from the current level.Chart 11: with much lower reliance on certificateof deposits than earlierChart 10: Concentration of deposit basesubstantially reduced Top 10 depositors as a % of customer depositsCertificate of 0223(Rs FY190.00.0Source: Company data, I-Sec researchSource: Company data, I-Sec researchChart 12: Acceleration in CASA deposits has led togranularity in depositsChart 13: Granular and low-ticket size suggestbetter stickiness of depositsDeposits with balance of less than Rs 10mn as a % of totalcustomer depositsDeposits less than Rs 50mn as a % of total customer FY19Source: Company data, I-Sec 341%0.449%0.537%(%)0.665%0.774%0.8Source: Company data, I-Sec research7

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Table 2: Potential to replace high-cost borrowings with deposits on maturity(Rs y 63.977.32Up to FY21FY22FY23FY24FY25Beyond FY25TotalRate of Interest per Annum (%)Weighted Residual Tenure(years)Source: Company data, I-Sec 338.60%1.723.74Y/Y %-34%-9%5%-41%-19%122%-1%43%-16%-26%10%Q/Q %-17%0%86%-15%12%13%0%7%-11%17%8%Table 3: Borrowing profile incrementally skewed towards depositsDeposits & Borrowing Profile (Rs bn)Legacy Long-term BondsInfra BondsRefinanceOther BorrowingsTotal Borrowings (A)CASATerm DepositsTotal Customer Deposits (B)Certificate of Deposits (C)Money Market Borrowings (D)Borrowings Deposits (A) (B) (C) (D)CASA % of DepositsCustomer Deposits as % of Borrowings DepositsSource: Company data, I-Sec 79951547640545936882760531,34552%62%Branch expansion upfronted; now may go a tad slowBank added more than 350 branches in past 24 months taking the total tally to 596branches. The medium-term plan is to take it to 800-900 branches in 3-4 years.However, it seems, with rapid expansion, it will now allow churning and productivityramp-up of the existing network before aggressively adding more branches. Thenetwork serves more than 8mn customers and has 134 asset servicing branches and655 business correspondent (BC) branches. Of this, 384 business correspondentbranches are through the wholly-owned subsidiary, IDFC FIRST Bharat, which acts asa BC for sourcing loans from rural areas, primarily in southern India.Table 4: Maharashtra with 15% of branch network constitutes 25% of loans Total Funded Assets as of FY21MaharashtraKarnatakaGujaratTamil NaduOthersSource: SLBC, Company data, I-Sec researchAdvances (Rs bn)1,171313857799598% of total100%27%7%7%8%51%Table 5: and has same concentration in deposits as wellDeposits (Rs bn)% of totalTotal Deposits as of 7%Tamil Nadu313%Others50857%Note: Maharashtra, Gujarat data is as of Dec'20, Karnataka as of Sep'20 and Tamil Nadu as of Mar’20Source: SLBC, Company data, I-Sec research8

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Consistently rising NIM trajectory nearing targeted levelsNIM for the full year FY21 settled at 4.98% as compared to 3.91% in FY20. It is verymuch on track towards targeted sustainable levels of 5.0-5.5%. NIM on incrementaldisbursements are substantially higher than the reported NIM. Exit quarter NIM hasimproved to 5.09% in Q4FY21 vs 4.61% in Q4FY20. Gross yield, which was expectedto be 12% in five years post the merger, seems to be scaling even higher than thetargeted levels at 13.5%. Consistent rising trajectory of NIM from sub-2% pre-mergerto as high as 5% recently is aided by: Gradual shift towards high-yielding retail banking businesses – yields in retail havebeen upwards of 15% and the bank has been carefully selecting retail productswhere it has proven capabilities. Significantly lower incremental average deposit cost at 5.2% that is steadilyreplacing high-cost borrowings.Two consecutive savings rate cut of 100bps each (in Feb ’21 and May’21) to 5% willfurther cushion average savings deposit cost that hovered high at 6.8% in 9MFY21.Passing the benefit of this lowered cost, the bank is planning to participate in the primehome loan market at competitive rates – though this will not entirely offset the benefitand reflect in an uptick in NIM.Chart 14: Net interest margins have been on an upward trajectory since merger6.0NIMs 203QFY202QFY202QFY19-Source: Company data, I-Sec research9

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Chart 15: High-yielding retail assets driving yieldimprovementYield on overall funded assets (%)Yield on retail funded assets 0Yield on advances - FY218.96.05.95.85.75.75.09MFY21HDFCBANK14.09.8Cost of deposits - FY216.011.27.0FY20Chart 18: Yields relatively higher compared topeersRBLBANKChart 17: Cost of deposits comparable to peersoffering premium ratesFY18FY19Source: Company data, I-Sec : Company data, I-Sec research13.2-6.46.66.0Source: Company data, I-Sec researchSource: Company data, I-Sec 7.416.316.317.014.010Cost of funds (%)7.616.03.0Cost of deposits (%)7.818.08.0Chart 16: Cost of deposits too has fallenconsiderably since FY19

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Table 6: Interest income growth led by high-yielding retail assets(Rs bn)YieldsRetailWholesaleTotalSource: Company data, I-Sec e 7: Deposit cost down 63bps to 6.41% vs 7.04% for FY20(Rs bn)Savings DepositsCASA DepositsTerm DepositsTotal Customer DepositsCertificate of DepositsTotal DepositsSource: Company data, I-Sec t 19: IDFCFB has cut TD rates by 230bps from peak compared to 130160bps by peers Mar-Jun'19 peakMar'21Down from rce: Company data, I-Sec research11

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Chart 20: and MCLR by 85 bpsJan-Apr'19 peakApr'21Down from .40.2-Source: I-Sec research, RBITable 8: Second consecutive cut in savings rate in past two quarters – aligning lower than peersSA ratesAU Axis BandhanCUBBank BankBankUp to3.50 2.003.00 3.50Rs 0.1mnRs 0.1mn 5.00 3.006.00 3.75Rs 1mnAbove6.00 3.006.00 4.00Rs 1mnRs 5mn 7.00 3.506.00 4.00Rs 10mnSource: Company data, I-Sec research12DCB 4.002.503.505.006.003.254.006.252.702.75

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Retail GNPAs rise amidst disruption; wholesale portfolioadequately coveredWith rationalisation of the wholesale book and upfront recognition and provisioning ofthe stress pool in this segment, non-retail NPAs have not seen any significant spike inFY21. Of the FY21 slippage run-rate of 5%, we anticipate 70-75% have flown fromthe retail segment and 30% from wholesale segment. This was offset by averagewrite-offs of 2% and recoveries/upgrades of 1.6%, while overall GNPAs rose to 4.15%(from 2.6% in FY20). These run-rates suggest almost 7% slippage on the lagged FY20retail portfolio. Retail GNPA has actually risen to 4.01% from proforma levels of3.88%. Retail GNPA and NNPA as of FY21 are higher by 175bps and 77bpsrespectively from the pre-covid average GNPA and NNPA.Chart 21: GNPA amidst the disruption has risen over the past two quartersGNPA (%)4.50NNPA Y211.001.64QFY21Title3.003QFY213.50Source: Company data, I-Sec researchTable 9: Retail GNPA is higher by almost 175bps over pre-covid NPA - Retail (%)2.19NNPA - Retail (%)1.25Provision coverage (%)43%Source: Company data, I-Sec 2%3.882.3541%4.011.9053%Long-term avg(pre-covid)Mar-19 toDec-192.271.1351%Covid impact(bps)Mar-21 vslong-term avg17577300In addition to the above, the bank restructured loans worth Rs10.7bn of which,Rs9.6bn was in retail segment and Rs1bn in corporate. This is equivalent to 1.3% ofretail assets and 0.9% of the overall AUM. There are a few accounts in corporatesegment where restructuring was approved, but not implemented by Mar ’21 and werecategorised as NPA. This in coming quarters will move from NPA to standardrestructured assets.Bank has also disbursed Rs16.9bn under ECLGS (2.3% of retail book, suggesting 1113% of existing retail portfolio would have taken benefit of this.13

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021Chart 22: Identified wholesale stress pool consistently declining withrecognition or resolution454047%413835(Rs 50%352550%47%1630%252320%1713131110O/s Y201QFY202QFY200%4QFY19-10%Provision coverage (RHS)Source: Company data, I-Sec researchTable 10: Identified wholesale stress pool covered to the extent of 48%Q4FY21O/sExposureClient Description (Rs bn)ProvisionPCR (%)Toll Road Projects in MH8.71.518%Thermal Power Project in Orissa5.35.3100%Toll Road (BOT) project in MH2.50.15%Diversified Financial Conglomeratein Mumbai2.22.2100%Wind Power Projects in AP, GJ,KN, RJ1.60.425%Logistics Company in Karnataka1.01.0100%---0.8-0%---Toll Road Projects in TN0.30.1Wind Power Projects in KN and RJ0.20.222.610.8Financial Institution in MHSolar Projects in RJCoal beneficiation & thermal powerin ChhattisgarhMicrofinance Institution in OrissaToll Road Project in PunjabTotal stress pool identifiedSource: Company data, I-Sec researchCommentsRepayment has been consistently delayed (SMA2), but account isregular as of date.Account suffers from delayed payments from discoms. The account isregular as the account is benefiting from the RBI covidschemes. Bank expects the account to be resolved leading to a positiveeconomic value, as the account is fully provided for.This is an operating project; toll is being collected, account is beingserviced. 5% of project work is unfinished.Exposure is to a housing finance company belonging to this distressedgroup. Lending banks are running a process for management change.Bank expects partial recovery, which will be PnL accretive, as theaccount is fully provided.Account servicing was earlier delayed. The project is now showingimproved financial performance and is servicing debt regularly fromcashflows from the project, with DSRA getting built up. However, thesponsor is still undergoing a resolution process.The group is a Bengaluru-based coffee group, and has been underfinancial stress. Bank has initiated legal proceedings against it.The projects are performing well and have serviced debt regularly.However, the sponsor entity is undergoing resolution process leading toa deteriorating maintenance of the project. Lenders are putting togethera maintenance plan.The account has been servicing debt. However, the sponsor entity is29% ditional cashflows for pending maintenance work.The project is generating required cashflows and is servicing debt.100% However, the parent entity is undergoing resolution. Repayments havebeen regular so far.48%Slippage run-rate, restructuring and ECLGS pool reflect the vulnerability of retail pool.Further, with one-third of retail assets being secured (either home or LAP), it reflectsrelatively higher stress in other part of the portfolio. In Mar’21, the collection efficiencyfor early buckets reached 100% of the pre-covid collection efficiency levels. Cheque14

ICICI SecuritiesIDFC FIRST Bank, June 1, 2021bounce instances have been dropping consistently and it reached 1.2x pre-covid levelin Mar’21 (compared to the peak of 2.5x). In the context of covid second wave andcoming from a high-growth phase in retail ( 25% in FY21), the impact of disruptionneeds to be closely monitored.Amidst uncertainty and disruption, the bank has implemented tightened underwritingstandards: 1) sector restrictions for covid affected sectors, 2) reduced authority limitsfor credit appraisals, 3) implemented additional caps on individual ticket sizes onincremental loans, 4) reduced the LTV limits in certain categories, 5) revisedrestrictions on collaterals, 6) revised criteria for bureau score cut-offs and tightenedthe criteria for number of credit enquiries on the bureau. The quality of customerprofile has improved with ‘new to credit’ customers constituting 10% of the disbursals(by value) in Q4FY21 vs 18% in Q4FY19. Also, 83% of the customers sourced (byvalue) in Q4FY21 had credit bureau score above 700 as compared to 61% in Q4FY19.Chart 23: Lending is concentrated on customerswith credit historyRetail Loan Disbursal: Customers (by Value) with Credit BureauRecord as a % of total Retail Disbursals95%Chart 24: 80% of customers have high bureauscores of more than 700Retail Loan Disbursal: Customers (by Value) with Credit BureauRecord of more than 700 as a % of total Retail %75%10%Source: Company data, I-Sec 1QFY200%4QFY1970%Source: Company data, I-Sec researchDespite the incremental stress in FY21, credit cost was contained at 250bps for FY21.We believe this was entirely towards retail stress while there would have been writeback in wholesale stress provisioning. Bank has proactively identified a few wholesaleaccounts with exposure of Rs22.6bn as stressed or potential NPAs, and hasconservatively created 48% provisioning on the same. This pool has been consistentlycoming off (from Rs41bn in FY19 and Rs32bn in FY20) and, even with slippage intoNPA, has not led to any significant rise in non-retail net NPA as they were adequatelyprovided.Bank is carrying a cumulative covid buffer of Rs3.75bn, including

products namely home loans, LAP, business loans, personal loans, wheels (2-wheelers, car, CV financing), micro loans, etc. Bank has also launched gold loans, primarily targeted at rural customers and credit cards with variants offering lifetime free, dynamic interest rate, highl

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