Bond Market News

Shriram Transport Finance Co (STFC) reported its Q3 2022 results with PAT falling 6.5% YoY to INR 6.8bn ($91mn) even as total income rose to INR 48bn ($646mn), up 8.8% YoY. While net interest income rose 11.2% to INR 24bn ($319mn), loan losses & provisions rose 46% YoY to INR 9.8bn ($132mn). STFC’s cost-to-income ratio stood at 19.85% for the quarter as compared to 22% during the same period last year. STFC noted that it revised its NPA classification process including flagging of borrower accounts as overdue, as part of the day-end processes under the RBI’s latest prudential norms. As at end-December 2021, STFC’s total AUM stood at INR 1.25tn ($16.7bn), up 8.4% YoY.

STFC’s dollar bonds were stable with its 4.15% 2025s at 95.55, yielding 4.93%.

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