SectorSector Update| Financials
Update| 26 February 2016
Financials
RBI modifies guidelines for revitalizing stressed assets
Financial impact to be higher for PSBs, but unlikely to be meaningful
Please refer our detailed report
dated 22 February 2016
RBI has partly modified some aspects of the prudential guidelines for
revitalizing stressed assets.
The revised guidelines would be applicable
prospectively; however, banks have been advised to take similar action for past
accounts as well. The revised guidelines focus on plugging loopholes in the
existing guidelines for SDR, restructuring and JLF transactions, and reiterating /
clarifying other aspects. In our view, these guidelines would help reduce the
misuse of regulatory forbearance.
Further, as expected, RBI has asked banks to strengthen provisioning on SDR-
related exposure.
Banks are required to carry at least 15% provisioning on SDR
accounts and make additional provisions for MTM losses (if any) on converted
equity shares. In our view, this is likely to have a higher impact on PSU banks
(PSBs), considering their weak profitability. However, the impact on the industry
at large would be minimal, as most of the accounts are from restructured loans.
No specific requirement of higher provisioning for refinanced exposures under
5:25 scheme (widely expected) is a surprise. There could be another set of
guideline changes on the same in the ensuing days.
Some important aspects of the revised guidelines:
(a) In case of SDR
transactions, the threshold for asset classification benefit (NPA/RL to standard)
on divesting of stake to new promoter is reduced from 51% to 26%, (b) the
required number of lenders agreeing to restructuring / corrective action plan
(CAP) is reduced from 60% to 50% (will help in speeding up the process;
however, the requirement of 75% of lenders by value agreeing remains), (c)
accountability for restructuring and JLF transactions is clearly fixed (misuse likely
to reduce), (d) lenders incentivized to communicate their decision on the agreed
CAP within the specified time frame (refer exhibit 1).
RBI continues to focus on the health of bank balance sheets
– as we had
highlighted recently, multiple headwinds are likely to keep PSBs’ credit costs
elevated (report
link).
While the revised guidelines are expected to have
minimum impact on industry profitability, PSBs would continue to face the heat
from regulatory changes (MCLR implementation, lag impact of RBI AQR,
additional provision on SDR, and potentially higher provisioning requirement on
5:25 refinancing). Weak core PPoP and elevated credit costs would remain a
drag on overall profitability. Within our PSB coverage, we prefer BOB, SBIN and
INBK, which have relatively better asset quality position, relatively strong
capitalization, management continuity and focus on core operating parameters
(even at the cost of growth). Overall re-rating in PSBs could happen, with (a)
sharp pick-up in growth, leading to reduced risk on stress loan haircut
assumptions and increase in adjusted BV, (b) GoI taking action to address stress
loans in the balance sheet (bad bank, creation of stress assets fund, etc.), and (c)
clear path for large capital requirements of PSBs.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
AS Venkata Krishnan
(A.Krishnan@MotilalOswal.com); +91 22 3010 2603 /
Dhaval Gada
(dhaval.gada@motilaloswal.com)
26 February 2016
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update| Financials
Threshold for asset
classification benefit on
divesting of stake to new
promoter has been reduced
from 51% to 26%
Important changes in case of SDR scheme
Banks will need to start
making necessary
provisions on equity stake
acquired via SDR scheme
Banks would need to carry
at least 15% provision on
SDR accounts (over four
quarters)
Threshold for asset classification benefit (NPA/RL to standard) on divesting of
stake to new promoter has been reduced from 51% to 26%.
New promoters
will have the right of first refusal for balance stake sale by banks.
Timeframe to convert debt to equity has been extended from 90 days to 210
days.
However, ‘stand still’ account classification benefit remains at 18 months
from the reference date – the date of JLF’s decision to undertake SDR.
Banks will need to start making necessary provisions on equity shares acquired
via SDR scheme.
Earlier, banks were not required to MTM equity shares for 18
months. However, considering the cliff effect at the end of 18 months, banks
have been given two options:
1. Periodic valuation and providing for any depreciation required on these
equity shares over a maximum of four calendar quarters from the date of
conversion, that is, the provisioning held for such depreciation should not
be less than 25% of the depreciation in the first quarter, 50% of the
depreciation as per the current valuation in the second quarter, and so on.
2. Directly start making ex-ante provisions in anticipation of MTM requirement
over six quarters from the reference date itself.
This will have moderate provisioning impact, as conversion is currently
happening at face value / fair value whichever is higher while stocks are
trading even below face value.
Banks have been asked to carry at least 15% provisions (over four quarters) on
the SDR accounts.
Most of the SDR accounts are related to restructured
category, and hence, they would already hold 5% standard asset provisions, and
further, NPV losses of at least 2-3%. Hence, overall provisioning requirement
may be lower for restructured loans. For standard accounts (which are not
restructured or NPA) SDR may not be used for regulatory forbearance (misuse
to reduce), as classification to NPA also attracts 15% provisioning.
SDR framework will also be available to an ARC
that is a member of JLF
undertaking SDR of a borrower company.
RBI reiterated that the trigger for SDR must be non-achievement of viability
milestones and /or non-adherence to ‘critical conditions’ linked to the option of
invoking SDR, as stipulated in restructuring agreement and SDR cannot be
triggered for any other reason. RBI has clearly specified that SDR cannot be used
as a tool for retaining the asset classification for further 18 months.
Reduction in the
percentage of lenders (by
number) required to
approve CAP (60% to 50%)
Changes to JLF and CAP guidelines
Reduction in the percentage of lenders (by number) required to approve the
Corrective Action Plan from 60% to 50%. Minor positive, considering fewer
lenders’ consent is required; however, by value requirement remains at 75%.
JLF empowered group formation is mandatory only in cases of rectification with
additional finance and cases of restructuring under a CAP (in normal cases, this
will speed up the process).
Revised composition of the JLF-EG for enhancing the quality of decision making
(will provide more transparency to the transaction).
In case of CAP exiting lender will not have the option to disagree on the CAP and
continue holding the existing exposure. If the existing lender is unable to find a
2
26 February 2016

Sector Update| Financials
new lender to take over its exposure, then it will have to adhere to the decided
CAP conditions
A scheme of incentives for adherence to timelines for decision-making by JLF
members to facilitate timely implementation of CAP. Non-adherence has high
penalty in terms of provisioning requirement (refer exhibit 1).
Additional funding provided under restructuring/rectification as part of the CAP
will have priority in repayment over repayment of existing debts. Necessary
conditions shall be incorporated in the JLF agreement.
Minor modification in guidelines on restructuring of advances
Permitting restructuring and benefits of asset classification in cases of borrower
accounts that were involved in fraud and where promoters have been
subsequently replaced by new promoters totally delinked from erstwhile
promoters.
RBI has reiterated that any additional finance for restructuring will be treated as
'standard asset' during the specified period under the approved restructuring
package.
It has also reiterated that additional funds brought by promoters should be a
minimum of 20% of banks’ sacrifice or 2% of the restructured debt, whichever is
higher. The promoters’ contribution should invariably be brought upfront while
extending the restructuring benefits to the borrowers.
Promoter’s contribution need not necessarily be brought in cash and can be
brought in the form of conversion of unsecured loan from the promoters into
equity.
Clarified that Flexible Structuring of Project Loans is also permitted for ECBs.
Other highlights
Tightening of conditions for banks:
(a) post restructuring repayment period
should be reasonable, and commensurate with the estimated cash flows and
required DSCR in the account as per their own board approved policy, (b) clearly
documenting the banks’ own due diligence done in assessing the TEV and the
viability of the assumptions underlying the restructured repayment terms. In
our view, this will increase the transparency of the transaction.
Reiterated that banks shall disclose the reserve price at the time of inviting
bids/expression of interest from the SCs/RCs for asset sale and that banks shall
provide at least two weeks for submission of bids from the time of inviting bids /
expression of interest from SCs/RCs.
26 February 2016
3

Sector Update| Financials
Exhibit 1: Asset classification and provisioning incentive for banks to communicate their decision on the agreed
CAP within the specified time frame
Lender
Category
Description
Asset Classification
Provisioning
A
Agreed to CAP in the JLF
meetings and also conveyed final
approval to the CAP within the
stipulated period
Agreed to CAP, as approved, in
the JLF meeting but conveyed
final approval and signed off the
detailed final CAP after the
stipulated period but within
prescribed implementation
period
Agreed to CAP, as approved, in
the JLF meeting but failed to
convey final approval and sign
off the detailed final CAP within
prescribed implementation
period.
As per the extant asset
classification norms
As per the
extant
provisioning
norms
Lowest asset classification of the
borrower among all the JLF
lenders
B
A penal provisioning of 10 per
cent in addition to provisioning
applicable as per Lowest asset
classification of the borrower
with any JLF lender, for one year
from the date of sign off of CAP.
C
Lowest asset classification of the
borrower
among
all the JLF
lenders
A penal provisioning of 15 per
cent in addition to provisioning
applicable as
per
Lowest asset
classification of the borrower
with any JLF lender, for one year
from the date of sign off of CAP.
As the prescribed
implementation
period is over,
the lender has to compulsorily
abide by the terms of the
approved CAP.
Source: RBI, MOSL
26 February 2016
4

Sector Update| Financials
Exhibit 2: Financials - Valuation metrics
66
Rating
CMP
(INR)
183
947
379
608
671
808
70
45
63
17
Mcap
EPS (INR)
P/E (x)
BV (INR)
P/BV (x)
RoA (%)
RoE (%)
(USDb) FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17
ICICIBC*
Buy
16.1 22.2 26.7
5.2
3.8
147 166 0.78 0.62 1.39 1.44 13.4 14.4
HDFCB
Buy
36.0 58.9 70.9 16.1 13.3 330 385 2.87 2.46 1.88 1.86 19.2 19.8
AXSB
Buy
13.6 40.0 47.7
9.5
8.0
250 290 1.51 1.31 1.68 1.68 17.0 17.6
KMB*
Neutral
16.8 24.7 31.3 24.6 19.4 206 237 2.95 2.57 1.38 1.54 13.9 14.8
YES
Buy
4.2
75.9 94.0
8.9
7.1
388 463 1.73 1.45 1.82 1.84 21.2 22.1
IIB
Buy
7.2
49.8 62.8 16.2 12.9 336 390 2.40 2.07 1.98 2.01 15.8 17.3
DCBB
Under Review
0.3
6.9
7.7
10.1
9.0
68
75
1.03 0.92 0.93 0.85 10.8 10.8
FB
Neutral
1.2
4.7
5.7
9.5
7.8
52
56
0.87 0.80 0.83 0.87 9.5 10.7
JKBK
Neutral
0.5
18.0 21.6
3.5
2.9
152 168 0.41 0.37 1.02 1.07 12.4 13.5
SIB
Buy
0.3
3.1
3.7
5.4
4.5
31
34
0.54 0.49 0.58 0.61 10.3 11.4
Private Aggregate
96.2
13.1 10.8
1.95 1.71
SBIN (cons)*
Buy
152
17.9 23.8 28.4
5.9
4.9
244 268 0.57 0.52 0.60 0.63 10.0 11.1
PNB
Neutral
72
2.1
15.3 20.1
4.7
3.6
217 235 0.33 0.31 0.43 0.51 7.3 8.9
BOI
Neutral
84
1.0
9.3 19.5
9.0
4.3
350 366 0.24 0.23 0.10 0.19 2.7 5.4
BOB
Buy
130
4.6
17.0 20.7
7.7
6.3
175 190 0.75 0.68 0.49 0.52 10.1 11.3
CBK
Neutral
161
1.3
44.7 53.6
3.6
3.0
584 625 0.28 0.26 0.38 0.41 7.9 8.9
UNBK
Buy
114
1.2
28.2 38.4
4.0
3.0
323 354 0.35 0.32 0.45 0.54 9.1 11.3
OBC
Neutral
79
0.4
25.0 32.2
3.1
2.4
458 483 0.17 0.16 0.29 0.33 5.6 6.8
INBK
Buy
79
0.6
21.1 27.4
3.7
2.9
290 311 0.27 0.25 0.45 0.51 7.5 9.1
CRPBK
Neutral
31
0.1
18.7 21.6
1.7
1.5
152 169 0.21 0.19 0.57 0.59 12.9 13.4
ANDB
Buy
47
0.4
22.8 27.9
2.1
1.7
196 216 0.24 0.22 0.62 0.65 12.2 13.6
IDBI
Neutral
56
1.6
5.6
6.9
10.1
8.2
137 142 0.41 0.39 0.28 0.31 4.2 4.9
DBNK
Neutral
26
0.2
10.0 15.6
2.6
1.7
128 141 0.21 0.19 0.38 0.53 8.0 11.6
Public Aggregate
31.4
6.3
5.0
0.48 0.45
HDFC*
Buy
1,042
24.9
39
44
15.4 11.8 186 212 3.19 2.42 2.41 2.40 21.9 22.0
LICHF
Buy
392
3.0
42
47
9.3
8.3
216 254 1.82 1.54 1.54 1.45 21.2 20.2
DEWH
Buy
142
0.6
32
40
4.4
3.6
203 234 0.70 0.61 1.25 1.30 16.9 18.6
IHFL
Buy
560
3.6
68
82
8.3
6.8
302 336 1.85 1.67 3.85 3.69 23.6 25.7
GRHF
Buy
233
1.3
8
11
28.1 22.2
28
35
8.27 6.66 1.98 2.26 27.8 33.2
REPCO
Buy
575
0.5
33
42
17.6 13.7 181 218 3.18 2.64 2.16 2.10 19.7 21.0
RECL
Neutral
157
2.3
57
59
2.7
2.7
345 391 0.45 0.40 2.45 2.17 17.6 16.0
POWF
Neutral
157
3.1
42
43
3.8
3.6
310 341 0.50 0.46 2.07 1.85 14.1 13.2
SHTF
Buy
794
2.7
73
92
10.8
8.6
516 588 1.54 1.35 2.21 2.40 15.1 16.5
MMFS
Buy
202
1.7
13
17
15.2 11.9 118 130 1.71 1.55 1.94 2.24 11.8 13.5
BAF
Buy
5,745
4.6
303 372 19.0 15.4 1,620 1,932 3.55 2.97 3.02 2.84 20.3 21.0
MUTH
Buy
175
1.1
24
31
7.2
5.6
156 176 1.12 0.99 2.92 3.18 16.5 18.9
SKSM
Buy
481
0.9
34
46
14.0 10.5 142 177 3.40 2.72 5.25 5.46 27.5 28.8
NBFC Aggregate
51.4
11.7 10.4
1.84 1.64
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries
Source: Company, MOSL
26 February 2016
5

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6