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ICICI Home`s 10-bln-rupee short-term bonds get CARE`s PR1+
Mumbai, Mar 19: CARE has assigned a PR1+ rating to the short term bond issue of ICICI Home Finance Company Ltd for an amount of Rs.1000 crores. The rating is based on the letter of comfort from ICICI Bank in favour of ICICI HF.
Mumbai, Mar 19: CARE has assigned a PR1+ rating to the short term bond issue of ICICI Home Finance Company Ltd for an amount of Rs.1000 crores. The rating is based on the letter of comfort from ICICI Bank in favour of ICICI HF.
The long and medium term debt programs of ICICI Bank are rated "AAA" by CARE. Also, the Certificate of Deposits programme of ICICI Bank is rated "PR1+" by CARE.
ICICI HF was promoted by the erstwhile ICICI Ltd. as a vehicle for its foray into housing finance. Since its beginning in FY99, ICICI HF had rapidly expanded its housing loan portfolio, which stood at Rs.1582 crores as on March 31, 2002. Post merger of ICICI with ICICI Bank, ICICI HF has been acting as a sourcing, distribution and servicing agent for ICICI Bank. All incremental sanctions and disbursements in the home loans segment are on the books of ICICI Bank. ICICI HF`s housing loan portfolio stood at Rs.1113 crores as on March 31, 2003. As on March 31, 2003, ICICI HF`s capital adequacy was 33.71%, much in excess of the NHB`s minimum requirement of 12%.
During FY03, ICICI HF`s profit after tax almost trebled to Rs.28.6 crores from Rs.9.6 crores last year due to the securitisation of its loan portfolio coupled with the reduction in its operating expenses. Backed by improved profitability, ICICI HF`s interest coverage improved from 1.1 times during FY02 to 1.3 times during FY03.
Bureau Report
ICICI HF was promoted by the erstwhile ICICI Ltd. as a vehicle for its foray into housing finance. Since its beginning in FY99, ICICI HF had rapidly expanded its housing loan portfolio, which stood at Rs.1582 crores as on March 31, 2002. Post merger of ICICI with ICICI Bank, ICICI HF has been acting as a sourcing, distribution and servicing agent for ICICI Bank. All incremental sanctions and disbursements in the home loans segment are on the books of ICICI Bank. ICICI HF`s housing loan portfolio stood at Rs.1113 crores as on March 31, 2003. As on March 31, 2003, ICICI HF`s capital adequacy was 33.71%, much in excess of the NHB`s minimum requirement of 12%.
During FY03, ICICI HF`s profit after tax almost trebled to Rs.28.6 crores from Rs.9.6 crores last year due to the securitisation of its loan portfolio coupled with the reduction in its operating expenses. Backed by improved profitability, ICICI HF`s interest coverage improved from 1.1 times during FY02 to 1.3 times during FY03.
Bureau Report