Rating Rationale
May 11, 2023 | Mumbai
 
National Housing Bank
'CRISIL AAA/Stable' assigned to Bond
 
Rating Action
Total Bank Loan Facilities Rated Rs.8000 Crore
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.3000 Crore Bond CRISIL AAA/Stable (Assigned)
Rs.9000 Crore Deposits under Rural Housing Fund and under Urban Housing Fund& CRISIL AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible Debentures CRISIL AAA/Stable (Withdrawn)
Rs.146.6 Crore Fixed Deposits CRISIL AAA/Stable (Reaffirmed)
Rs.10126.26 Crore DEPOSITS UNDER AFFORDABLE HOUSING FUND CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.4000 Crore CRISIL AAA/Stable (Reaffirmed)
Rs.640.13 Crore Bonds CRISIL AAA/Stable (Withdrawn)
Rs.8000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
DEPOSITS UNDER AFFORDABLE HOUSING FUND Aggregating Rs.20000 Crore CRISIL AAA/Stable (Reaffirmed)
Non Convertible Debentures Aggregating Rs.19000 Crore CRISIL AAA/Stable (Reaffirmed)
& Rs 6,000 crore under Rural Housing Fund and Rs 3,000 crore under Urban Housing Fund
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has assigned its CRISIL AAA/Stable’ rating to the Rs 3,000 crore of bonds of National Housing Bank (NHB) and reaffirmed its ratings on the existing debt instruments and bank facilities at 'CRISIL AAA/Stable/CRISIL A1+'.

 

CRISIL Ratings has withdrawn its rating of NCDs aggregating Rs.2000 crore and bonds of Rs.640.13 crore on the company's request as the outstanding against the same is nil and on receipt of confirmation from debenture trustee (See Annexure 'Details of Rating Withdrawn' for details). The withdrawal is in line with CRISIL Ratings withdrawal policy.

 

The ratings continue to reflect the support receives from the Government of India (GoI) on account of the institution’s key policy role in India’s housing finance sector. The ratings also factor in robust asset quality and healthy capitalisation. These strengths are partially offset by an average earnings profile, given the institution’s developmental role in the housing finance sector.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has considered the standalone business and financial risk profiles of NHB, and has factored in support from GoI. This is given the 100% shareholding of by the Government of India, and the key policy and supervisory role it plays in the Indian Housing Finance Sector.

Key Rating Drivers & Detailed Description

Strengths:

  • Expectation of continued support from GoI

NHB, a financial institution and 100% owned by government of India, carries out supervisory, refinancing, developmental role, and also play a key policy role in implementing government policy, for the housing industry. It provides long-term credit to licensed HFCs, scheduled banks, and other primary lending institutions. It is also one of the nodal agencies for the Credit Linked Subsidy Scheme (CLSS), under the GoI’s flagship programme for housing, Pradhan Mantri Awas Yojana (PMAY).

 

  • Robust asset protection mechanism

NHB reported gross non-performing assets (GNPAs) of 1.15% and nil net NPAs as on December 31, 2022, against 2.07% and nil respectively, as on June 30, 2022. The NPAs increased in FY20 primarily due to slippages in two accounts in the refinance portfolio. NHB has fully provided against these. It has obtained mandates from scheduled banks, regional rural banks, and urban cooperative banks for direct debit to their current accounts with the RBI if there is a delay or default in payment of refinance instalments. Additionally, it obtains a negative lien on their assets. Moreover, funds are primarily extended to HFCs with strong credit worthiness.

 

  • Healthy capitalisation

The capital to risk-weighted assets ratio (CRAR) was 15.84% as on December 31, 2022, against 16.02% as on June 30, 2022 (12.14% as on June 30, 2021). The improvement in CRAR in fiscal 2022 was on account of improvement in profitability and reduction in risk weighted assets (RWA). Profitability was improved on account of write-backs and reduction in the RWA was on account of de-growth in the loan book in fiscal 2022. Further, the networth is healthy and net NPAs are nil, leading to high coverage for asset-side risks. Capitalisation is also supported by steady accrual, which is entirely retained in the absence of any dividend payout.

 

Weakness

  • Average earnings profile, given NHB’s developmental role in the housing finance sector

The interest margin is low as lending has been at competitive rates, while borrowing has been increasingly at market rates. The net interest margin (NIM) was 1.9% for the six-month period ended December 31,2022 compared with 1.4% for the corresponding period of previous fiscal. Profitability, as measured by return on assets* (RoA; yearly average), was muted for last couple of fiscals as NHB reported return of assets of 0.7% for fiscal 2021 and 0.2% for fiscal 2020. The profitability was impacted on account of higher provisions related to couple of large accounts sipping into NPA. However, NHB received recovery of Rs 968 crore in one of accounts resulting in write back of provisions. Resultantly, its RoA improved to 2.3% and reported a PAT of Rs 1920 crore for fiscal 2022. The RoA and reported PAT for the six months period ended December 31, 2022 is 1.4% and 539 crore respectively.

Liquidity: Superior

The ALM profile showed cumulative positive mismatches in all buckets of up to one year, as on April 30, 2023. Liquidity is sufficient with Rs 4,350 crore cash and liquid investments (in the form of government securities and bank deposits), and unutilised bank lines of Rs 6,400 crore as on April 30, 2023, against debt obligation of Rs 8,392 crore till September 2023.

Outlook: Stable

CRISIL Ratings believes NHB will continue to receive strong funding and operational support from GoI because of its public policy and supervisory role in India's housing sector. The asset protection mechanism available to NHB should continue, and the institution will likely maintain comfortable capitalisation over the medium term.

Rating Sensitivity Factors

Downward factors

  • Decline in GoI shareholding below to 50% and/or;
  • Diminution of support extended by government of India

About the Bank

NHB, the apex institution in the housing finance sector, extends refinance support to HFCs, scheduled banks, regional rural banks, small finance banks, state apex cooperative housing finance societies, and state cooperative agriculture and rural development banks. Additionally, it manages the Rural Housing Fund; commercial banks deposit the shortfall in their priority sector advances to the fund. NHB also manages the Urban Housing Fund (as per Union Budget for fiscal 2014) and Affordable Housing Fund. Moreover, it is supervisor to the HFC sector and plays a key policy role in supporting GoI’s flagship programme for the development of the housing sector.  NHB also advises state governments in formulating state housing policies.

 

Established in 1988 under the National Housing Bank Act, 1987, NHB began operations with an initial capital of Rs 100 crore. The RBI has divested its entire stake in NHB to the government for Rs 1,450 crore. With this divestment, the government now holds 100% stake with effect from March 2019. In July 2019, the government has transferred the functions of NHB for regulating HFCs to the RBI. NHB, a financial institution, will continue to carry out supervisory and refinancing and will also play a key policy role in the housing industry. Outstanding loans under refinance support were Rs 74,700 crore as on December 31, 2022.

 

Profit after tax (PAT) was Rs 539 crore on total income (net of interest expense) of Rs 804 crore for the six-month period ended December 2022, as against a PAT of Rs 1,453 crore on total income (net of interest expense) of Rs 1,035 crore, in the corresponding period of the previous fiscal.

Key Financial Indicators

As on/for the period ended

Unit

Dec 2022

Dec 2021

Total assets

Rs crore

80942

77497

Total income (net of interest expense)

Rs crore

804

1035

PAT

Rs crore

539

1453

Capital adequacy ratio

%

15.8

15.5

Gross NPAs

%

1.2

2.1

Adjusted gearing

Times

5.4

5.7

Return on assets*

%

1.4

3.5

*As per CRISIL Calculations

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of
allotment
Coupon
rate (%)
Maturity
date
Issue size
(Rs.Cr)
Complexity
 level
Outstanding rating
with Outlook
INE557F08FJ5 Non-convertible debentures 13-May-20 5.80% 15-May-23 2000 Simple CRISIL AAA/Stable
INE557F08FG1 Non-convertible debentures 18-Dec-19 7.05% 18-Dec-24 1720 Simple CRISIL AAA/Stable
INE557F08FH9 Non-convertible debentures 21-Jan-20 6.88% 21-Jan-25 1950 Simple CRISIL AAA/Stable
INE557F08FK3 Non-convertible debentures 01-Jun-20 5.32% 01-Sep-23 3000 Simple CRISIL AAA/Stable
INE557F08FL1 Non-convertible debentures 11-Feb-21 5.35% 12-Feb-24 1985 Simple CRISIL AAA/Stable
INE557F08FM9 Non-convertible debentures 25-Feb-21 5.44% 02-Apr-24 550 Simple CRISIL AAA/Stable
INE557F09278 Non-convertible debentures 28-Mar-02 9.75% 10-Sep-25 97 Simple CRISIL AAA/Stable
INE557F09286 Non-convertible debentures 28-Mar-02 9.75% 10-Sep-25 Simple CRISIL AAA/Stable
INE557F08FN7 Non-convertible debentures 07-Jun-22 7.34% 07-Aug-25 1000 Simple CRISIL AAA/Stable
INE557F08FO5 Non-convertible debentures 27-Feb-23 7.79% 09-Mar-26 1979 Simple CRISIL AAA/Stable
INE557F08FP2 Non-convertible debentures 23-Mar-23 7.77% 02-Apr-26 1675 Simple CRISIL AAA/Stable
NA Non-convertible debentures@ NA NA NA 3044 Simple CRISIL AAA/Stable
INE557F 07066 Bonds 30-Aug-13 8.01% 30-Aug-23 17 Simple CRISIL AAA/Stable
INE557F 07074 Bonds 30-Aug-13 8.46% 30-Aug-28 883 Simple CRISIL AAA/Stable
INE557F07082 Bonds 13-Jan-14 8.26% 13-Jan-24 139.4125 Simple CRISIL AAA/Stable
INE557F07090 Bonds 13-Jan-14 8.63% 13-Jan-29 407.1615 Simple CRISIL AAA/Stable
INE557F07108 Bonds 13-Jan-14 8.76% 13-Jan-34 713.4260 Simple CRISIL AAA/Stable
INE557F07116 Bonds 13-Jan-14 8.51% 13-Jan-24 88.5530 Simple CRISIL AAA/Stable
INE557F07124 Bonds 13-Jan-14 8.88% 13-Jan-29 85.7305 Simple CRISIL AAA/Stable
INE557F07132 Bonds 13-Jan-14 9.01% 13-Jan-34 665.7165 Simple CRISIL AAA/Stable
INE557F07140 Bonds 24-Mar-14 8.25% 24-Mar-24 97.9740 Simple CRISIL AAA/Stable
INE557F07157 Bonds 24-Mar-14 8.68% 24-Mar-29 421.9910 Simple CRISIL AAA/Stable
INE557F07165 Bonds 24-Mar-14 8.65% 24-Mar-34 73.5600 Simple CRISIL AAA/Stable
INE557F07173 Bonds 24-Mar-14 8.50% 24-Mar-24 25.5130 Simple CRISIL AAA/Stable
INE557F07181 Bonds 24-Mar-14 8.93% 24-Mar-29 332.6085 Simple CRISIL AAA/Stable
INE557F07199 Bonds 24-Mar-14 8.90% 24-Mar-34 48.3535 Simple CRISIL AAA/Stable
NA Bonds@ NA NA NA 3000 Simple CRISIL AAA/Stable
NA Proposed short-term bank loan facility NA NA NA 600 NA CRISIL A1+
NA Short term loan NA NA NA 7400 NA CRISIL A1+
NA Fixed deposit programme NA NA NA 146.6 Simple CRISIL AAA/Stable
NA Deposits under Affordable Housing Fund NA NA NA 10126.26 Simple CRISIL AAA/Stable
NA Deposits under Affordable Housing Fund NA NA NA 20000 Simple CRISIL AAA/Stable
NA Deposits under Rural Housing Fund
and Urban Housing Fund*
NA NA NA 9000 Simple CRISIL AAA/Stable
NA Commercial paper NA NA 7 to 365 Days 8000 Simple CRISIL A1+

*Rs 6,000 crore under RHF and Rs 3,000 crore under UHF

@Yet to be issued

 

Annexure: Details of Rating Withdrawn

ISIN

Name of the instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs.Cr)

Complexity Level

Outstanding rating with Outlook

INE557F08FI7

Non-convertible debentures

15-Apr-20

6.55%

17-Apr-23

2000

Simple

Withdrawn

INE557F07017

Bonds

14-Dec-12

7.19%

14-Dec-22

126

Simple

Withdrawn

INE557F07025

Bonds

1-Jan-13

7.17%

1-Jan-23

110

Simple

Withdrawn

INE557F07033

Bonds

6-Feb-13

6.87%

6-Feb-23

125

Simple

Withdrawn

INE557F07058

Bonds

22-Mar-13

6.89%

22-Mar-23

82.9

Simple

Withdrawn

INE557F07041

Bonds

26-Mar-13

6.82%

26-Mar-23

196.23

Simple

Withdrawn

Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities ST 8000.0 CRISIL A1+ 30-03-23 CRISIL A1+ 29-09-22 CRISIL A1+ 01-12-21 CRISIL A1+ 26-05-20 CRISIL A1+ CRISIL A1+
      --   -- 20-06-22 CRISIL A1+ 08-04-21 CRISIL A1+ 08-05-20 CRISIL A1+ --
      --   --   --   -- 31-03-20 CRISIL A1+ --
Bond LT 7000.0 CRISIL AAA/Stable 30-03-23 CRISIL AAA/Stable 29-09-22 CRISIL AAA/Stable 01-12-21 CRISIL AAA/Stable 26-05-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   -- 20-06-22 CRISIL AAA/Stable 08-04-21 CRISIL AAA/Stable 08-05-20 CRISIL AAA/Stable --
      --   --   --   -- 31-03-20 CRISIL AAA/Stable --
Commercial Paper ST 8000.0 CRISIL A1+ 30-03-23 CRISIL A1+ 29-09-22 CRISIL A1+ 01-12-21 CRISIL A1+ 26-05-20 CRISIL A1+ CRISIL A1+
      --   -- 20-06-22 CRISIL A1+ 08-04-21 CRISIL A1+ 08-05-20 CRISIL A1+ --
      --   --   --   -- 31-03-20 CRISIL A1+ --
Fixed Deposits LT 146.6 CRISIL AAA/Stable 30-03-23 CRISIL AAA/Stable 29-09-22 CRISIL AAA/Stable 01-12-21 F AAA/Stable 26-05-20 F AAA/Stable F AAA/Stable
      --   -- 20-06-22 CRISIL AAA/Stable 08-04-21 F AAA/Stable 08-05-20 F AAA/Stable --
      --   --   --   -- 31-03-20 F AAA/Stable --
Long-Term Borrowing Programme LT   --   --   --   --   -- Withdrawn
Non Convertible Debentures LT 19000.0 CRISIL AAA/Stable 30-03-23 CRISIL AAA/Stable 29-09-22 CRISIL AAA/Stable 01-12-21 CRISIL AAA/Stable 26-05-20 CRISIL AAA/Stable Withdrawn
      --   -- 20-06-22 CRISIL AAA/Stable 08-04-21 CRISIL AAA/Stable 08-05-20 CRISIL AAA/Stable --
      --   --   --   -- 31-03-20 CRISIL AAA/Stable --
Deposits under Rural Housing Fund and under Urban Housing Fund LT 9000.0 CRISIL AAA/Stable 30-03-23 CRISIL AAA/Stable 29-09-22 CRISIL AAA/Stable 01-12-21 CRISIL AAA/Stable 26-05-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   -- 20-06-22 CRISIL AAA/Stable 08-04-21 CRISIL AAA/Stable 08-05-20 CRISIL AAA/Stable --
      --   --   --   -- 31-03-20 CRISIL AAA/Stable --
DEPOSITS UNDER AFFORDABLE HOUSING FUND LT 30126.26 CRISIL AAA/Stable 30-03-23 CRISIL AAA/Stable 29-09-22 CRISIL AAA/Stable 01-12-21 CRISIL AAA/Stable 26-05-20 CRISIL AAA/Stable --
      --   -- 20-06-22 CRISIL AAA/Stable 08-04-21 CRISIL AAA/Stable 08-05-20 CRISIL AAA/Stable --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Proposed Short Term Bank Loan Facility 600 Not Applicable CRISIL A1+
Short Term Loan 2000 Punjab National Bank CRISIL A1+
Short Term Loan 1400 HDFC Bank Limited CRISIL A1+
Short Term Loan 500 RBL Bank Limited CRISIL A1+
Short Term Loan 2500 Indian Bank CRISIL A1+
Short Term Loan 1000 Sumitomo Mitsui Banking Corporation CRISIL A1+

This Annexure has been updated on 11-May-2023 in line with the lender-wise facility details as on 21-Mar-2023 received from the rated entity. 

Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
CRISILs criteria for rating fixed deposit programmes
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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