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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Indiabulls Housing Finance / Equity Bottom-Up

*Solid Quarter: IndiaBulls Housing Finance (IHFL.IN) [IndiaBulls] reported FY 2Q21 results of INR 7.1 bn, increasing INR 4.4 bn (160.0%) linked quarter. Much of the linked quarter improvement can be attributed to net interest income growth of INR 4.7 bn (64.8%) resultant of INR 135.0 bn (14.5%) loan growth, NIM improvement of 137 bp (by our calculation) of 137 bp to 4.49%, and a buyback of bonds reducing debt by 9%; and*Credit Improving:During FY 2Q21, stated Stage 3 NPLs improved INR 4.3 bn (21.1%), declining 68 bp over the period to 1.52%.  Reinforcing this improvement, we find that net new NPLs were negative by a whopping INR 13.0 bn or over 100% on an annualized basis.

*Solid Quarter: IndiaBulls Housing Finance (IHFL.IN) [IndiaBulls] reported FY 2Q21 results of INR 7.1 bn, increasing INR 4.4 bn (160.0%) linked quarter. Much of the linked quarter improvement can be attributed to net interest income growth of INR 4.7 bn (64.8%) resultant of INR 135.0 bn (14.5%) loan growth, NIM improvement of 137 bp (by our calculation) of 137 bp to 4.49%, and a buyback of bonds reducing debt by 9%; and*Credit Improving:During FY 2Q21, stated Stage 3 NPLs improved INR 4.3 bn (21.1%), declining 68 bp over the period to 1.52%.  Reinforcing this improvement, we find that net new NPLs were negative by a whopping INR 13.0 bn or over 100% on an annualized basis. 

IndiaBulls Housing Finance – Rocking and Rolling