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Rating Rationale Maharashtra Gramin Bank 13 Aug 2020 Brickwork Ratings Reaffirms “BWR A-”/Stable for the Perpetual Debt

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Rating Rationale Maharashtra Gramin Bank 13 Aug 2020 Brickwork Ratings Reaffirms “BWR A-”/Stable for the Perpetual Debt Rating Rationale Maharashtra Gramin Bank 13 Aug 2020 Brickwork Ratings reaffirms “BWR A-”/Stable for the perpetual debt instrument (Under Basel II) of Maharashtra Gramin Bank. ​ Particulars Previous Present ISIN Instrument Issue Amount Amount Coupon Maturity Review Rating* Particulars Date (₹ Crores) (₹ Crores) Date Innovative 10.25 10.25 Perpetual Debt 27-Mar- BWR A-/Stable (raised Rs.10.11 (raised Rs.10.11 9.50% Perpetual INE419Q08015 Instrument (Under 2014 (Reaffirmed) Cr ) Cr ) Basel II) *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings. ​ ​ RATING ACTION / OUTLOOK: Brickwork Ratings (BWR) reaffirms the “BWR A-”/Stable rating of the innovative perpetual debt instrument of Maharashtra Gramin Bank (MGB or the bank), as tabulated above. The rating draws comfort from the sovereign ownership, healthy overall financial risk profile and adequate resource profile. However, the rating is constrained by inherent political and regulatory risks associated with regional rural banks (RRBs) and modest asset quality. BWR believes MGB’s credit risk profile will be maintained over the medium term. The Stable outlook indicates a low likelihood of a rating change over the medium term. Description of Key Rating Drivers ● Credit Strengths: Sovereign ownership and sponsor bank’s support: Maharashtra Gramin Bank draws comfort from the co-ownership of the Government of India with a 50% shareholding, state government of Maharashtra with a 15% shareholding and balance 35% of the sponsor bank, Bank of Maharashtra. The sovereign ownership provides it with the required support in building and retaining the depositors trust and enables it to meet credit requirements for economic activities under the rural sector. The bank is able to avail refinance from entities such as NABARD and NHB for meeting the rural credit requirement. The sponsor bank’s support with its senior leadership in MGB provides it with the required managerial support and guidance. 1 Healthy resource profile: MGB has an established network of 412 branches and 6 ​ regional offices across 17 districts in the state of Maharashtra. The high penetration supported by the nature of regional rural banks has assisted a healthy resource profile and steady deposit base. The bank’s total deposits grew by 15.27% for the year ending 31 March 2020. The low cost current and savings account (CASA) deposits have a significant share in the total deposits, and the ratio improved to 54.86% as on 31 March 2020 from 53.58% as on 31 March 2019. MGB’s CASA ratio is one of the highest among its peers. A large portion of the term deposits is from government departments, which provides a lower risk of withdrawals. The Covid-19 pandemic situation has a negligible impact on the deposit base of the bank, with the CASA ratio reducing marginally by 0.65% as on 30 July 2020 over March 2020. The cost of deposit was moderate, at 4.88% as on 31 March 2020, although it improved from 5.02% as on 31 March 2019. In fiscal year 2020, the bank repaid its refinance loans and reduced the total debt to 3% of its total balance sheet as on 31 March 2020 from 8% as on 31 March 2019. Comfortable overall financial risk profile: MGB’s capitalisation is comfortable, with a ​ total capital adequacy ratio (CAR) of 10.58% as on 31 March 2020 (10.14% as on 31 March 2019). The bank follows Basel II regulatory guidelines and has a total CAR well above the minimum regulatory requirement of 9%. The bank is expected to remain well-capitalised over the medium term. The tangible net worth is comfortable and stood at Rs. 482 Crs as on 31 March 2020. The bank’s net interest income increased to Rs. 383 Crs for FY20 (FY19: Rs. 338 Crs); however, net profits reduced in FY20 due to higher levels of operating expenses. The additional provision requirements of Rs.111 Crs for the bank under the pension scheme for RRBs has constituted the major part of operating expenses. In FY20, the bank made provisions amounting to Rs. 144 Crs under the scheme, as against the required amount of Rs.111 Crs to be made over the next four years. Net profits reduced to Rs. 27.19 Crs in FY20 from Rs.39.78 Crs in FY19. ● Credit Risks: Modest asset quality: MGB’s asset quality continues to remain modest, with a high ​ absolute quantum of gross non-performing assets (NPAs) of Rs. 399.98 Crs as on 31 March 2020 (Rs. 344.43 Crs as on 31 March 2019) and net NPAs of Rs. 197.40 Crs as on 31 March 2020 (Rs. 131.74 Crs as on 31 March 2019). The total advances increased to Rs. 5057.92 Crs as on 31 March 2020 from Rs. 4654.68 Crs as on 31 March 2019, and the gross NPA% and net NPA% rose to 7.91% (7.39% on 31 March 2019) and 3.90% (2.97 % on 31 March 2019), respectively, as on 31 March 2020. The level of NPA write-off was low as on 31 March 2020. 2 The bank is focusing on recoveries from NPAs and has recovered Rs. 22 Crs in Q1 FY21. As a further step towards increasing recoveries, MGB launched a one-time settlement scheme in the last week of July. The bank’s loan book remains moderately vulnerable to the Covid-19 crisis in the economy and has extended a 100% moratorium to all standard accounts as per its policy. Around 90% of the total advances are to the priority sector engaged in agricultural activities with an annual repayment cycle in every September of the fiscal year. Due to good monsoons in Maharashtra, the bank’s collection efficiency is expected to be good post the end of the moratorium in August 2020. Going ahead, the bank’s ability to achieve the expected collection efficiency and improve the asset quality in FY21 will be a key rating monitorable. Inherent risks associated with RRBs: The purpose of RRBs is to meet the funding ​ requirement of rural and semi-urban areas. The area of operation of RRBs is limited to the area as notified by the Government of India, covering one or more districts in the state of operation. Due to the limited permissible area of operation, the bank faces geographical concentration rise, which provides a limited avenue for business growth. The majority of the advances are given to the agriculture and alleged activities sector and inherently, the sector is dependent on seasons and natural resources. MGB’s advances are exposed to agro-climatic risks, and the resulting frequent loan waivers impinge borrower discipline. In FY20, Maharashtra was hit by untimely rains affecting the harvest of crops, and the state government declared a crop loan waiver effective from 1 October 2019. Rs. 880 Crs of advances were outstanding under crop loans with MGB. The bank received Rs. 400 Crs from the GoM against waived loans in July 2020, and as per the bank’s officials, the balance was expected by October 2020. The bank remains exposed to the geo-political and geographical risks associated with concentrated business in the single state of Maharashtra. Analytical Approach For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria below (hyperlinks provided at the end of this rationale). Perpetual Bond The said perpetual bond issue of Rs.10.25 Cr is subscribed by the Sponsor Bank. It raised Rs.8.28 Cr of the said bonds in March 2014 and Rs.1.83 Cr utilisation in March 2015. The coupon @ 9.50% p.a. is serviceable annually. The redemption of these bonds can be made with the approval of the RBI, with the bank having a call option at the end of 10 years from the date of allotment. Innovative Perpetual Debt Instruments (under Basel II) Debt instruments of this nature are covered under the Basel II norms. The key distinguishing feature of such instruments is the triggering of the default from a rating perspective in the event of a breach of the minimum capital adequacy ratios of 9% or the CAR goes below 9% on the 3 payment of the coupon (as per regulators extant Basel II guidelines). Another feature is that, provided the CAR is greater than 9%, prior approval from the RBI is mandated if the coupon payment results in a net loss or increases the net loss. Generally, such instruments are perpetual in nature and have a call option on the completion of 10 years. To factor in these risks, BWR notches down the rating on these instruments from the bank's corporate credit rating. RATING SENSITIVITIES The bank’s ability to significantly recover from non-performing assets and grow its portfolio while improving asset quality and profitability will be key rating sensitivities. Positive: Significant growth in the portfolio with a sustained improvement in the asset quality and profitability and the strengthening of the balance sheet through the infusion of additional capital will be key positives for the bank. Negative: A sharp deterioration in the asset quality or weakening in the financial risk profile will ​ be key monitorables. Liquidity Profile: Adequate ​ ​ MGB’s liquidity profile is adequate, with cumulative mismatches below the maximum permissible limit of 35% over time brackets upto the period of 5 years as per the ALM profile as on 31 March 2020. The regulatory requirement for RRBs is to maintain 18% of the net demand and time liabilities (NDTL) in SLR. MGB’s total SLR as on 31 March 2020 stood at ~21% of NDTL. COVID-19 (Coronavirus disease), declared a pandemic by the World Health Organisation (WHO), has become a full-blown crisis globally, including in India.
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