ICICI Home Finance’s restructured loans portfolio under regulatory norms for Covid-19 pandemic is expected to rise to 4-5 per cent of assets under management (AUM). Its pool of recast loans stood at 3.4 per cent of AUM by the end of June, according to CRISIL.
The company is planning to raise Rs 2,000 crore through non-convertible debentures. CRISIL has assigned “AAA” rating to debentures. The ratings continue to reflect the expectation of continued strong support from the promoter, ICICI Bank, and the company’s diversified resource profile. These strengths are partially offset by average asset quality and profitability.
The rating agency said its asset quality is average, with gross non-performing assets or bad loans rising to 8.6 per cent in June, up from 6.6 per cent in March, as home loans and loans against properties (LAP) showed increased delinquencies.
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