Chennai : The Board of Directors of CIFCL today approved the audited financial results for the quarter and year ended 31st March 2021.
Highlights:
Q4 and Full Year Performance:
Performance Highlights:
Note: Loan Losses include additional overlay of ₹ 350 crs created in Q4, and ₹ 566 Cr created during the year ended 31st March 2021. Cumulative additional overlay carried as of March 21 is ₹ 1100 crs.
Dividend:
The Board of Directors of the company has recommended a dividend of ₹ 0.70 per share (35%) on the equity shares of the company, subject to the approval of the shareholders of the company at the ensuing Annual General Meeting. This is in addition to the interim dividend of ₹ 1.30 per share (65%) for the financial year 2020-21 declared by the company on 29th January 2021.
Asset Quality
CIFCL asset quality as at end of March 2021, represented by Stage 3 assets stood at 3.96% with a provision coverage of 44.27%, as against 3.80% as at end of March 2020 with a provision coverage of 41.52%. The company created additional provisions as management overlay for Rs.350 Cr towards future contingencies and thereby taking the overall management overlay to ₹ 1100 Crs as on 31st March 2021. The total provisions currently carried against the overall book is 3.58% as against the normal overall provision levels of 1.75% carried prior to the Covid-19 pandemic, representing two times than normal provision coverage.
Note: In order to facilitate comparative trend, the Stage 3 numbers, mentioned in the above table is based on actual delinquency status at each point in time and has not factored in the process of not declaring overdue assets as NPA as directed by the SC, since this interim order has been vacated in March 21.
Capital Adequacy:
The Capital Adequacy Ratio (CAR) of the company as on 31st March 2021, was at 19.07% as against the regulatory requirement of 15%.
Others:
During the quarter the company has invested in Vishwakarma Payments Pvt Limited, a consortium of entities, and jointly applied for a NUE (New Umbrella Entity) licence for Retail payments with RBI.
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