Securitised pools continue to show stable performance across all asset classes in FY24: ICRA

20 Mar 2024 Evaluate

Rating agency ICRA in its latest report has said the ICRA-rated securitised pools have shown healthy performance, with collection efficiencies ranging from 92% to 107% across all asset classes in FY2024 so far, aided by a favourable operating environment, rigorous collection efforts, and adoption of digitised processes. Housing Loans (HL) and Loans Against Property (LAP) pools have showcased steady collections in FY2024 so far. This can be attributed to the critical nature of the underlying collateral for the borrowers and advances in online collection methods.

According to the report, the vehicle pools are expected to continue their stable performance in the medium term, given the strong domestic economic cycle; financiers would also ramp up the collection efforts in Q4 of the fiscal. However, the impact of the current fluctuations in global fuel prices would be a key monitorable. Microfinance institutions embraced technology-driven collections, post the Covid-19 pandemic, showing positive signs and healthy performance. Secured Small and Medium Enterprise (SME) pools have outperformed unsecured SME pools in terms of collection efficiency and asset quality. Furthermore, the delinquencies in the securitised personal loans pools have remained range-bound, with 90+dpd between 1.6% and 3.4%.

It further said in Mortgage-backed securities (MBS) transactions, the rate hikes undertaken during the last two years did not have a significant bearing on the collection efficiencies as most lenders passed on the hikes in the form of elongated tenures rather than increased EMIs. For vehicle loan pools, there has been a marginal decrease in the collection efficiency in the first two months of Q2 FY2024 and Q3 FY2024, a trend usually seen every year as lenders increase collection efforts towards the end of the quarters, and especially in the last quarter of the financial year. The collections of the microfinance (MFI) pools have remained steady. Although the delinquencies increased slightly during Q3 FY2024, ICRA expects them to stabilise in Q4 FY2024 and in the subsequent quarters owing to greater collection efforts.

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