Sammaan Capital Ltd · NSE:SAMMAANCAP
Sammaan Capital — Indiabulls Housing Finance — Investor Presentation (July 2018)
73 slides from Sammaan Capital's investor presentation, Jul 16, 2018
Slide 1: Indiabulls Housing Finance
Indiabulls HOUSING FINANCE
Slide 2: Safe Harbour Statement
Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd.’s [CIN: L65922DL2005PLC136029] management. Actual results may vary significantly from the forward-looking statements in this document due to various risks
Slide 3: Contents
Contents Pg. No. 1. Business Update 04 2. Indian Home Loans Market 08 3. Financial and Operational Highlights 20 4. Home Loans Distribution Model 32 5. LAP Grading 39 6. Static Credit Performance Analysis of LAP and HL Pools 45 7. Liabilities Profile 52 8. Corporate Social Responsibility 58 9. Board
Slide 4: Business Update
Indiabulls HOUSING FINANCE Business Update
Slide 5: Our Journey
Our Journey • Credit rating upgraded to AAA by CRISIL [a Standard & Poor’s Company] and ICRA [a Moody’s Company] • Balance sheet: ₹ 1.32 Tn 480.5* • PAT: ₹ 38.5 Bn, RoE: 30% • Balance sheet: ₹ 1.04 Tn.; Net worth: ₹ 121 Bn • Launched India’s first digital home loans platform: 2017-18 eHome Loans • I
Slide 6: Key Financial Highlights: FY 17-18
Business Update Key Financial Highlights: FY 17-18 YoY FY 17-18 FY 16-17 Growth [%] Balance Sheet [₹ Bn] 1,319.03 1,037.05 27.2% Loan Assets [₹ Bn] 1,225.78 913.01 34.3% Total Revenues [₹ Bn] 146.40 117.02 25.1% NII [₹ Bn] 57.85 47.68 21.3% PAT [₹ Bn] 38.47 29.06 32.4% EPS [₹] 90.51 68.80 31.6% 6
Slide 7: Unique Franchise in Indian Mortgage Market
Unique Franchise in Indian Mortgage Market Consumer focused scalable lending model Strengths similar to Banks Scalability of Mortgage • Access to deep pools of capital: debt and equity • Focused on the most scalable and secure asset class: Home Loans • Funding efficiencies from highest AAA credit ra
Slide 8: Indian Home Loans Market
Indiabulls HOUSING FINANCE Indian Home Loans Market
Slide 9: Indian Housing Landscape
Indian Housing Landscape Regulator Government Push RERA has brought greater Housing for All by 2022, PMAY, etc. transparency and discipline Easier Credit Flow Fiscal Incentives Infrastructure status to housing; RBI, SEBI, Tax incentives and subsidies for IRDAI eased exposure norms to mortgage buyers
Slide 10: Housing Demand in India
Housing Demand in India • Estimated housing shortage: ~ 40 Mn houses • Drivers of incremental demand: Current population growth Demand for 3.4 Mn houses p.a. @ 1.3% p.a. Ongoing nuclearisation Demand for 2.5 Mn houses p.a. @ 0.9% p.a. Rising income/aspirations – per capita GDP growth at 9-10% p.a. D
Slide 11: Housing: From Social Objective to Centrepiece Economic Policy
Housing: From Social Objective to Centrepiece Economic Policy Housing sector has the ability to propel rural and urban economic activity - Housing sector: Country’s 4th largest employment provider* employing both semi-skilled and unskilled labour - Housing and the larger real estate sector has a hig
Slide 12: PMAY and Tax Incentives for Mid-Income Affordable Housing
PMAY and Tax Incentives for Mid-Income Affordable Housing Illustration for Indiabulls Housing’s average Home Loan - House value : ₹ 3,500,000 - Home loan amount : ₹ 2,400,000 [Loan to value of 70%] - PMAY subsidy : ₹ 230,156 - Net loan amount : ₹ 2,169,844 Opening Loan Interest Payment Principal Rep
Slide 13: EMI Smaller than Rent Cheque
EMI Smaller than Rent Cheque: PMAY and Tax Incentive for Mid-Income Affordable Housing Rental Yield v/s Home Loan Cost 5.0% 4.0% 3.4% 3.5% 3.9% 3.1% 3.4% 3.2% 2.3% 2.9% 2.6% 2.6% 2.7% 0.42% Rental yield Effective Interest Rate on Home Loans with PMAY [0.42%] Source: NHB; Industry reports Increasing
Slide 14: Mortgage Market Growth
Mortgage Market Growth Growing HFC Market Share in a Steadily Expanding Home Loans Market 17% 18% CAGR HFC CAGR: 21% 22% 16,750 14,405 17% 18% 12,384 16% 10,650 42% 8,887 40% 7,526 39% 40% 5,538 6,249 38% 13% 4,595 36% 37% 11% 34% 11% 11% 33% 7% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-1
Slide 15: Strong Growth in Mid-Income Affordable Housing
Strong Growth in Mid-Income Affordable Housing • Affordable housing sales registers huge momentum in top eight cities across sub-categories - Residential sales in sub ₹ 3.0 Mn category saw a jump of 33% YoY in H2CY171 - Share of sub ₹ 3.0 Mn category housing in overall residential sales increased to
Slide 16: Growth Momentum in Residential Real Estate
Growth Momentum in Residential Real Estate • Housing sales across top eight Indian cities recorded a 13% jump in FY18, vs 5% last year1 ‒ MMR – 25%, Delhi-NCR – 19%, Hyderabad – 17% • Sales in top 7 cities rose 24% in Q2CY18 over Q1CY18 • Time required to sell unsold inventory has reduced by 6 month
Slide 17: Commercial Office Space Absorption
Commercial Office Space Absorption • Leasing activity grew 25% YoY in Q1CY18 with 10.8 million sq. ft. leased1 • Tech corporates, BFSI sector and e-commerce contributed to 64% of the leasing2 Pick-up in Leasing • Rents saw appreciation in most major markets with growth of 5% YoY3 • Rentals expected
Slide 18: Strong Structural Drivers and Government Focus
Strong Structural Drivers and Government Focus Measures in the last 24 months: Boost to the Housing Sector Pradhan Mantri Subsidy eligibility under Pradhan Mantri Awas Yojana [PMAY] covers up to ₹ 12 lakh of home loan – Awas Yojana [PMAY] reduces effective home loan rates to 0.42% for mid-income aff
Slide 19: No Regulatory Arbitrage: Regulatory Regime for HFCs at par with Banks
No Regulatory Arbitrage: Regulatory Regime for HFCs at par with Banks Parameters HFCs Banks NPA Recognition 90 dpd 90 dpd CRAR 12% 9% - Tier 1 6% 6% 0.4% 0.4% Standard Asset Housing Loans [0.25% incrementally] [0.25% incrementally] Provisions Others 1% 0.25-1% SARFAESI Coverage Yes Yes • HFCs are re
Slide 20: Financial and Operational Highlights
Financial and Operational Highlights 20
Slide 21: Business Summary
Business Summary • Balance Sheet : ₹ 1.32 Tn • Loans Outstanding : ₹ 1.23 Tn [March 31, 2018] : [US$ 18.86 Bn] • Loan Assets CAGR [7 years] : 30% • Cumulative Loans to Retail Customers : 1,042,534 • Cumulative Loans Disbursed till date : ₹ 2.15 Tn [US$ 33.10 Bn] • Cost to Income Ratio [FY18] : 12.5%
Slide 22: Consistent Track Record
Consistent Track Record Balance Sheet Loan Assets Revenue CAGR: 27% CAGR: 30% CAGR: 29% 146 1,319 1,226 117 1,037 913 92 764 687 73 572 522 59 391 444 412 38 48 253 322 275 344 198 25 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 FY11
Slide 23: Broad-based Sources of Revenue
Broad-based Sources of Revenue 3.0% 5.7% 78.5% 12.8% Interest Income from on-balance sheet loan book [11.3% papm*] Income from Investments [7.0% papm] Fee Income [1.6% of disbursements], penal interest and recovery Income on Sold Down book and Loan Syndication [3.0% papm] • SME LAP and Corporate Mor
Slide 24: Balance Sheet Assets
Balance Sheet Assets 4% 12% Loan Book: 84% Cash & Liquid Investments*: 12% Other Assets: 4% 84% Total Assets As at March 31, 2018 ₹ 1.32 Tn [US$ 20.29 Bn] As at March 31, 2017 ₹ 1.04 Tn [US$ 15.95 Bn] *Cash, Cash Equivalents and Investments in Liquid Debt Instruments US $ amounts are converted based
Slide 25: Asset Composition
Asset Composition FY 16-17 FY 17-18 22% 21% 78% 79% Mortgage Loans Corporate Mortgage Loans • Home loans, which form the majority of incremental disbursals, are disbursed at an average ticket size of ₹ 2.4 Mn; average LTV of 71% [at origination] 25
Slide 26: Asset Quality
Asset Quality As at Mar 31, 2018 0.84% 0.85% [in ₹ Bn] 0.77% NPA [90+ dpd*]: 9.48 Provisions for 0.49% 0.49% Contingencies: 17.58 0.43% 0.35% 0.36% 0.34% Of which NPAs: 5.28 Other provisioning: 12.30 Regulatory Provisioning: 8.92 Mar 16 Mar 17 Mar-18 Excess Provisioning over Gross NPA General & Spec
Slide 27: Retail Mortgage Loans' Sourcing
Retail Mortgage Loans' Sourcing 22% 5% 8% 65% Direct Sales Team External Channels Branch Walk-ins eHome Loans • 27% of home loans’ sourcing is now through eHome Loans. Including LAP, 22% of all retail mortgage loans’ sourcing is now through eHome Loans • Over 90% of incremental sourcing is done in-h
Slide 28: Consumer Focused Mid-Income Housing Loans
Consumer Focused Mid-Income Housing Loans: Granular, Low-risk, Prime Home Loans Typical Annual Distribution Ticket Size Core Customer Segment Household Income Count Amount ₹ 1.5 Mn – ₹ 5 Mn Urban Mid-Income Affordable Home Loans ₹ 0.6 – ₹ 1.8 Mn 50% 55% [$ 23,000 - $ 77,000] Prime mid-income, tier I
Slide 29: Home Loan Profile: Focus on Mid-Income Affordable Housing
Home Loan Profile: Focus on Mid-Income Affordable Housing Average Loan Size ₹ 2.4 Mn Maximum Loan to Value 80% Average Loan to Value 73% [at origination] Average Loan Term 15 years Average Customer Age 38 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing • PMAY c
Slide 30: Smart City Home Loan: Technology-led cost-effective
Smart City Home Loan: Technology-led cost-effective Geographical Expansion through eHome Loans platform Minimum Loan Size ₹ 1.0 Mn Average Loan Size ₹ 1.5 Mn Maximum Loan Size ₹ 4.0 Mn Maximum Loan to Value 80% [at origination] Maximum Loan Term 20 years Average Customer Age 39 years Primary Securit
Slide 31: Conservative Loan Against Property Profile
Conservative Loan Against Property Profile Average Loan Size ₹ 7.3 Mn Maximum Loan to Value 65% Average Loan to Value 49% [at origination] Average Loan Term 7 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing Average Age of Business 7 years Basis of Credit Apprai
Slide 32: Home Loans Distribution Model
Home Loans Distribution Model: Analytics and Technology-led Next Phase of Growth 32
Slide 33: Evolution of Home Loans Distribution Model Thus Far
Evolution of Home Loans Distribution Model Thus Far Pre 2005: • Entirely branch based. Multiple customer visits to the branch. Branch-based • Long-drawn process usually taking 20+ days Fulfillment • Tedious process for subsequent disbursals [Dominance of PSBs] • Multiple visits for on-going loan man
Slide 34: Indiabulls Integrated Home Loan Technology Platform
Indiabulls Integrated Home Loan Technology Platform Integrated Home Loan Technology Platform Social Media Access to Developers Fee Customers Analytics Integration Source Data and DSAs Generation One app for all Automated Product Real-time access Shorter working Cross-sell: needs underwriting persona
Slide 35: Comprehensive Customer Coverage; Scalable Processing Capacity
Comprehensive Customer Coverage; Scalable Processing Capacity and Robust Risk Management Robust credit underwriting Ring of touchpoints Technology-driven, elastic, scalable loan rigour, risk management encircling target customers processing capacity practices and process integrity Digital Channels A
Slide 36: Pan-India Brick-and-Mortar Branch Network
Pan-India Brick-and-Mortar Branch Network Head Master office • • Service • Centers • Branches [MSC] • • Core credit • • committee • • • Service • • • Loans above pre- • • Centers • Regional credit hub • • • Walk-in defined limits go to • branches • Detailed credit the committee • analysis • • • Cust
Slide 37: eHome Loans: Digitised Workflow, Analytics driven
eHome Loans: Digitised Workflow, Analytics driven Underwriting, Aadhaar and Digital Payments Infrastructure Customer eHome Loan App and Portal IB Systems Toughpoints Application form Document upload e-sign Lead Sources Auto population of demographics Income proof directly Aadhaar enabled e-signs Dat
Slide 38: eHome Loans: Digitised Workflow, Analytics driven
eHome Loans: Digitised Workflow, Analytics driven Underwriting, Aadhaar and Digital Payments Infrastructure Sanctioning e-sign and instant Servicing Verifications Automated Credit Decisioning Disbursement Parallel reports Post application the following are On request for disbursement, customer Self
Slide 39: LAP Grading
LAP Grading A Pioneering Initiative for Improved Risk Management and Greater Transparency 39
Slide 40: Loan Against Property Grading from CRISIL and ICRA
Loan Against Property Grading from CRISIL and ICRA • 12th quarter of industry-pioneering LAP grading initiative • Sourcing quality sustained through transition to GST • LAP grading engagement with CRISIL [a Standard and Poor’s Company] and ICRA [a Moody’s Investors Service Company] - CRISIL grades L
Slide 41: CRISIL LAP Grading Methodology
CRISIL LAP Grading Methodology Detailed assessment of key factors determining quality of LAP loans Financial Strength Business Management • Interest and debt service cover • Business sector and sectoral prospects • Revenues, margin and profitability • Business duration and track record • Networth an
Slide 42: CRISIL LAP Grading
12th Report updated as of Apr 16, 2018 CRISIL LAP Grading Grading Segment Characteristics Total Interest Disbursals Outstanding Grading Quality of Service Loan to EBITDA Apr 15 – Liabilities/ Scale LAP Loans# Coverage Value [LTV] Margins Mar 18 Total Ratio [ISCR] Networth LAP1 Highest 9.59% 10.6 – 1
Slide 43: ICRA LAP Grading Methodology
ICRA LAP Grading Methodology [2nd rating agency to grade LAP loans] • Nearly three years ago in H1FY16, IBHFL tied up with rating agency ICRA to grade its incremental LAP loans • ICRA LAP Grading reflects ICRA’s assessment of the credit quality of the LAP loan on a ICRA developed customised scale Gr
Slide 44: ICRA LAP Grading
10th Report updated as of Apr 12, 2018 ICRA LAP Grading Grading Characteristics Level of credit Grading Grading Scale Median LTV Median FOIR worthiness Distribution LAP1 Excellent 12.2% 25% 32% Over 99% of LAP2 Good 67.5% 54% 50% incremental LAP loans are within the top LAP3 Average 20.1% 65% 58% th
Slide 45: Static Credit Performance Analysis of LAP and HL Pools
Static Credit Performance Analysis of LAP and HL Pools 45
Slide 46: Monthly Monitoring Report of Sold Down Portfolio
Monthly Monitoring Report of ₹ 215.2 Bn of Sold Down Portfolio: from Rating Agencies CRISIL, ICRA and CARE Monthly monitoring of sold down pool performance • CRISIL, a Standard & Poor’s Company, ICRA, a Moody’s Investors Service Company and CARE publishes pool performance of 14 PTC pools rated by th
Slide 47: Monthly Monitoring Report of Sold Down Portfolio as on March 31, 2018
Monthly Monitoring Report of ₹ 215.2 Bn of Sold Down Portfolio as on March 31, 2018 Initial Pool Details of Initial POS Sold Down Pool Number of Disbursement Months on Summary Principal Principal Amortisation* 90+ dpd % 180+ dpd % CCR MCR Pools [₹ Bn] Book [₹ Bn] [₹ Bn] HL Pools 53 119.4 100.6 39 45
Slide 48: Home Loans Pool Performance Factsheet
Home Loans Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Sr. No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] [₹ Mn] 1 Bank 4 20-Mar-14 3,451.6 2,92
Slide 49: Home Loans Pool Performance Factsheet
Home Loans Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Sr. No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] [₹ Mn] 24 Bank 7 28-Sep-15 1,167.8 964
Slide 50: LAP Pool Performance Factsheet
LAP Pool Performance Factsheet: CRISIL and ICRA Direct Assignments [Sold Down] Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Sr. No Investor Principal MPS Amortisation# 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] [₹ Mn] 1 Bank 3 31-Dec-13* 2,244.2 1,786.4 50
Slide 51: Home Loans and LAP Pool Performance Factsheet
Home Loans and LAP Pool Performance Factsheet Pass-Through Certificates HL Pools Initial Pool Details of Initial POS Sold Down Sold Down Disbursement Pool Principal Outstanding Sr No Investor Principal MPS Amortisation* 90+ dpd % 180+ dpd % CCR MCR Date [₹ Mn] [₹ Mn] Rating from [₹ Mn] 1 Bank 2 20-M
Slide 52: Liabilities Profile
Indiabulls HOUSING FINANCE Liabilities Profile
Slide 53: Liabilities
Liabilities 10% 6% 84% Shareholders' Funds Borrowings Other Liabilities Total Liabilities As at March 31, 2018 ₹ 1.32 Tn [US$ 20.29 Bn] As at March 31, 2017 ₹ 1.04 Tn [US$ 15.95 Bn] US $ amounts are converted based on the exchange rate of US $1 = ₹ 65 53
Slide 54: Funding Mix
Funding Mix 2% 3% 2% 11% 9% 10% 37% 34% 49% ECB Sell Down Bank Loans 51% 54% 38% Debentures and Securities Mar-16 Mar-17 Mar-18 Total Borrowings As at March 31, 2018 ₹ 1.10 Tn [US$ 16.96 Bn] As at March 31, 2017 ₹ 0.85 Tn [US$ 13.12 Bn] US $ amounts are converted based on the exchange rate of US $1
Slide 55: Strengthening Liability Profile
Strengthening Liability Profile 1,200 Borrowings [₹ Bn] 1,103 1,000 853 800 611 Borrowings 600 Net Gearing 400 7.0 4.7 5.7 200 Net Gearing: Borrowings Net of ‘Cash & - Cash Equivalents’ and ‘Investments in Liquid Debt Instruments’ Mar-16 Mar-17 Mar-18 Total Funding [₹ Bn] Net Incremental Contributio
Slide 56: Spreads Within Guided Range as Home Loan Share Increases
Spreads Within Guided Range as Home Loan Share Increases Spreads Cost of Funds Loan Assets [₹ Bn] Loan Assets 7-Yr CAGR: 30% Since end of Q4, from 1st April, 2018, IBPLR has increased by 20 bps Own Book 7-Yr CAGR: 28% 12.52% 11.63% 1,226 10.86% 8.39% 913 124 3.18% 3.24% 3.11% 7.83% 7.92% 7.75% 687 8
Slide 57: Optimally Matched Balance Sheet
Optimally Matched Balance Sheet Maturity Profile [As of March 31, 2018] 609 587 414 355* 383 347 Up to 1 yr 1 - 5 yrs Over 5 yrs Assets Liabilities [Amounts in ₹ Bn] • *Assets in the ‘Up to 1 Yr’ bucket includes ₹ 165.35 Bn [as of March 31, 2018] of Cash, Cash equivalents and investments in liquid d
Slide 58: Corporate Social Responsibility
Corporate Social Responsibility 58
Slide 59: Indiabulls Foundation: Corporate Social Responsibility
Indiabulls Foundation: Corporate Social Responsibility Best Overall Excellence in CSR award at National Awards for Excellence in CSR & Sustainability 2016 Health Free Mobile Medical Vans Transforming Mokhada [a taluka adopted Mokhada - Free primary doorstep healthcare facility to bring about sustain
Slide 60: Board of Directors, Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding
Board of Directors, Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding 60
Slide 61: Eminent and Experienced Board of Directors
Eminent and Experienced Board of Directors Board of Directors with pre-eminence and experience in diverse fields • Mr. Sameer Gehlaut : Executive Chairman • Mr. Gagan Banga : Vice Chairman, Managing Director and CEO • Dr. K.C. Chakrabarty : Former Deputy Governor, The Reserve Bank of India • Justice
Slide 62: Credit Ratings
Credit Ratings Long Term Credit Rating CRISIL [a Standard & Poor’s Company] AAA ICRA [a Moody’s Investor Service Company] AAA CARE Ratings AAA Brickwork Ratings AAA 62
Slide 63: Business Value Proposition
Business Value Proposition Growing economy/ low mortgage Focus on affordable housing. Technology leveraged scalable penetration, increasing market Nationwide network with capacity. Thrust on digital presence share expanding footprint – exploiting digital opportunity Leading player in self-employed H
Slide 64: Rising Productivity Ratios
Rising Productivity Ratios FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 No. of Employees 4,512 4,243 4,072 4,099 4,840 5,453 6,388 8,111 Profit per employee 1.7 2.4 3.1 3.8 3.9 4.3 4.6 4.7 [₹ Mn] Asset per employee 37.1 58.5 80.9 108.4 118.2 140.2 162.3 162.6 [₹ Mn] Cost-to-Income
Slide 65: Key Financial Metrics
Key Financial Metrics FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Pre Tax RoAA [%] 5.5% 4.9% 4.9% 4.8% 4.9% 4.9% 4.6% 4.3% Post Tax RoAA [%] 4.1% 3.7% 3.8% 3.8% 3.7% 3.7% 3.6% 3.3% RoE [%] 17.2% 22% 26% 27% 29% 26% 26% 30% Capital Adequacy 23.87% 19.96% 18.58% 20.47% 19.60% 23.38
Slide 66: Valuations and Returns
Valuations and Returns Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Market Price per Share [₹] 155 207 272 286 558 674 998 1,126* Market Capitalisation 48.1 64.5 84.9 95.4 198.4 284.0 422.9 480.5 [₹ Bn] PE Ratio [times] 6.5 6.5 6.8 6.0 10.2 11.3 14.5 12.4 Dividend per Share [₹] # 10 13 20
Slide 67: Shareholding Pattern
Shareholding Pattern 8.3% 23.5% 14.3% 53.9% Founder Foreign Institutional Shareholding MFs/Banks/IFI Public • Domestic institutional shareholding has increased 5.3x to 14.3% from 2.7% in March 2016 MF: Mutual Funds; IFI: Indian Financial Institutions As on 31st March, 2018 67
Slide 68: Detailed Financials
Indiabulls HOUSING FINANCE Detailed Financials 68
Slide 69: Consolidated Balance Sheet
Consolidated Balance Sheet ₹ 165.35 Bn of Cash & Cash Equivalents and Investments in Liquid Debt Instruments The company had cash, cash equivalents and investments in liquid debt instruments of ₹ 165.35 Bn as at 31st Mar, 2018. The company receives income from its cash, cash equivalents and investme
Slide 70: Consolidated Income Statement
Consolidated Income Statement In Nov 2017, IBHFL sold ~10% stake in OakNorth Bank for a consideration of ₹ 7.68 Bn, recording a one-off pre-tax profit on sale of Investment of ₹ 5.43 Bn. As a prudent means IBHFL has utilised 33% of the one-off pre-tax gain, to make an additional special provision, i
Slide 71: Update on OakNorth Bank
Indiabulls HOUSING FINANCE Update on OakNorth Bank
Slide 72: Update on OakNorth Bank
Update on OakNorth Bank • Within two years of operations, OakNorth Bank’s deposits have risen to $ 825 Mn and loan assets crossed the $ 1 Bn milestone to stand at $ 1.06 Bn • In Q3 FY18, OakNorth Bank raised investment of $ 215 Mn through primary round for a 17% stake at a valuation of $ 1.26 Bn, an
Slide 73: Thank you
Indiabulls HOUSING FINANCE Thank you
Indiabulls Housing Finance — Investor Presentation (July 2018) on 6ix