BANGLADESH RESEARCH PUBLICATIONS JOURNAL

ISSN: 1998-2003, Volume: 7, Issue: 3, Page: 201-211, September - October, 2012

FACTORS INFLUENCING LOAN CLASSIFICATION OF BHBFC AN

EVALUATION
Md. Tazul Islam*1
Md. Tazul Islam (2012). Factors Influencing Loan Classification of BHBFC An Evaluation.
Bangladesh
Res.
Pub.
J.
7(2):
201-211.
Retrieve
from
http://www.bdresearchpublications.com/admin/journal/upload/09336/09336.pdf

Abstract
Loan classification provides each and every loan case a status like
unclassified, substandard, doubtful and bad/loss on the basis of its quality.
The quality is judged mainly based on the borrower's repayment
performance on a particular date, current status of the concerned
collateral security and other indicators. To reduce the acute housing
problem in Bangladesh, BHBFC playing a vital role through providing loans
for construction, extension and repair or remodeling of residential houses.
But classified loan problem adversely affect the objectives. This paper is an
attempt to identify the classified loans situation of BHBFC; to find out the
factors affecting the volume of classified loans of BHBFC; to examine the
zonal variances of classified loans of BHBFC and its contributing factors.
BHBFC introduced loan classification system in 1999-2000. In 1999-2000, the
classified loan amount and rate were Tk. 834.30 crore and 31%
respectively. It was lowest at 13% in 2008-2009 and highest at 31% in 19992000. According to multiple regressions it is evident that 97.6 per cent of the
variability in the volume of classified loans can be explained by total
advances, provisions, legal charges and spread. The variable legal charge
was found to be statistically insignificant.

Key Words: Loan classification, HBFC and Evaluation.

Introduction
The need for classification of loan portfolio in the banking sector and non
bank financial sector is a burning issue in the context of productive utilization of
working funds (Ali and Howlader, 2005).
The lending of money follows good assessment of the loan proposal, the
terms prescribing disbursement of loan, supervising the end use and collection of
dues from the borrowers in due dates. The major risk in granting a loan is the
possibility that the borrower may not repay the loan in time. It is taken as credit risk
or default risk. Excessive credit risk creates heavy accumulation of non-performing
loans. There might be different reasons for default, some times due to genuine
business losses and some times without genuine reasons2.
Non-performing loans refer to the situation that a borrower cannot repay
interest and/or installment on a loan after it has become due, it is qualified as
default loan or non-performing loan. It is known as non-performing, as the loan

* Corresponding author

Associate Professor, Department of Accounting and Information Systems, University of

Rajshahi, Rajshahi
2

Ibid, p.421.

Md. Tazul Islam

202

ceases to "perform" or generate revenue for the bank. The loan classification
system separates non-performing loans from the performing ones3.
Loan classification provides every loan case a status like unclassified,
substandard, and doubtful and bad/loss on the basis of its quality. The quality is
judged mainly based on the borrower's repayment performance on a particular
date, current status of the concerned collateral security and other indicators.
Provisioning is to set aside fund from the profit (profit before provision and taxes)
against classified loans. Provision is made even against unclassified loans. HBFC
follows the criteria for classifying and provisioning loan portfolios as per the
prudential guide lines given by the Ministry of Finance, Govt. of Bangladesh.
For the purpose to strengthen credit discipline and improve the recovery
position of loans and advances a new system has been introduced to cover loan
classification, the suspension of interest due and the showing provisions for
potential loan loss. The purposes of loan classification and provisioning are: to
introduce transparency in the operation of organizations; to assess the capital
adequacy of the organizations and to prevent erosion and giving additional
capital by the organizations; to develop follow-up and monitoring activities; to
prescribe credit discipline and to increase public confidence in the financial
system; to improve recovery position through transferring necessary amount from
the income as interest suspense; to build up reserve over the years to face the
shortfall arising from losses; to provide necessary data helping the concerned
authority of the organizations and other stakeholder like Government, Banking
Division of Ministry of Finance and Bangladesh Bank in designing appropriate
policies.4

Basis for Loan Classification

(A) Objective Criteria
Continuous Loan or Demand Loan not repaid/renewed within the fixed
expiry date for repayment is taken as past due/overdue from the following day of
the expired date. (Chowdhury, 2002)
(B) Qualitative Judgment
Uncertainty or doubt in respect of recovery of any Continuous Loan,
Demand Loan or Fixed Term Loan needs classification on the basis of qualitative
judgment or objective criteria. If any situational changes occur after the loan was
extended or if the capital of the borrower is affected due to adverse conditions
or if the value of the securities decreases or if the recovery of the loan becomes
uncertain due to any other unfavorable situation, the loans are classified on the
basis of qualitative judgment.5
Few research works on Management of Non-performing Advances,
Management of Non-performing Loans: An Analysis in the Context of Bangladesh,
Management of Non-performing Assets in Banks and Financial Institutions,
Financial sector Crisis in Japan : Impact of Non Performing Loan on Bank Loan
Supply, Non-performing Advances in Banks have been carried out in different
banks and financial institutions by Gopalakrishnan, 2004; Khan et.al., 2005; Reddy,
2004; Siddique, 2004; and Toor, 1994 respectively. But not a single study has been
done on classified loan of BHBFC. Present study is thus an attempt to fill up the
research gap. The rationale of the study lies there. The study will be pioneering in
nature and might be a good source of information for our decision makers in
national and international perspective.
Ibid, p.421.
Ibid, p.424.
5
Ibid, p.622.
3

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Factors Influencing Loan Classification of BHBFC

203

Objectives
The objectives of the study are as follows:
i)

To identify the classified loan situation of BHBFC during 1999-2000 to

2009-2010;

ii)

To find out the factors affecting the volume of classified loan of BHBFC
and impact thereon;

Methodology
The study is mainly based on secondary data. The study covered the
period from 1999-2000 to 2009-2010. Because BHBFC started its loan classification
activities from the financial year 1999-2000. In the context of analyzing secondary
data relevant to the classified loan of BHBFC simple regression, multiple
regressions, paired sample t-test were used. Data were collected through perusal
of annual reports of BHBFC, official records, different books, relevant publications,
publications of BHBFC and different banks as well as scholarly publications on or
related areas of the topic that could be made available.
Loan Classification
Bangladesh)

and

provisioning

System

(International

Standard

and

Table 1: Loan classification and provisioning system in International Standard

Rate of
Status of
classification provision
Less than 3 months
Unclassified
1%-5%
Loans overdue for 3 months but less Substandard 10%-25%
than 6 months
50%-75%
Loans overdue for 6 months but less Doubtful
than 9 months
Loans overdue for 9 months or Bad/loss
100%
more
Length of overdue

Frequency of
classification
At least
Quarterly,
usually
monthly

Source: Studies in Bangladesh Banking, BIBM, 2000.

Table 2: Loan classification and provisioning system in Bangladesh
Types of Loan
Continuous Loan
(OD/CC, PC, LIM,
LTR etc.) Overdue
period
will
be
counted from the
day following the
date of expiry of
such loan.
Demand Loan
(Forced
LIM,
BLC/PAD, IBP, FBP
etc.).
Overdue
period
will
be
counted from the
day following the
date of expiry of
such loan.

Length of Overdue
Less than 6 months
6 months or more but less than 9
months
9 months or more but less than 12
months
More than 12 months

Less than 6 months

6 months or more but less than 9
months
9 months or more but less than 12
months
More than 12 months

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Status of
classification
Unclassified
Substandard
Doubtful
Bad/loss

Rate of
provision
1%
20%
50%
100%

Unclassified
Substandard
Doubtful
Bad/loss

1%
20%
50%
100%

Md. Tazul Islam

204

Substandard
20%
Term Loan Payable If default amount of installment is
within 5 Years
equal to installment payable
Doubtful
50%
Overdue
period
in 6 months
will be counted If default amount of installment is
Bad/loss
100%
from
the
day
equal to installment payable
in 12 months
following the expiry
of the due date of If default amount of installment is
equal to installment payable
payment
of
in 18 months
installment of such
loan.
20%
Substandard
Term Loan Payable If default amount of installment is
equal to installment payable in
in More Than 5
50%
Doubtful
12 months
Years
Overdue
period If default amount of installment is
100%
Bad/loss
equal to installment payable in
will be counted
18 months
from
6
months
following the expiry If default amount of installment is
equal to installment payable in
of the due date of
24 months
payment
of
installment of such
loan.
5%
Unclassified
STAC/Micro Credit Less than 12 months
5%
Overdue
period 12 months or more but less than 36 Substandard
5%
Doubtful
months
will be counted
100%
Bad/loss
from
6
months 36 months or more but less than 60
months
following the expiry
of the due date of More than 60 months
payment
of
installment of such
loan.
Note: Now the commercial banks of Bangladesh follow BCD circular no. 34 and
BRPD circular no. 16, 9, and 14 for the classification of their outstanding
advances and making provisions thereof.
Source: BRPD circular no. 34, 16, 9 and 14.
BHBFC and Loan Classification & Provisioning
Classification of existing loan accounts are the measuring method for
identifying the bad or good loans. Quality of loan and its related quantitative limit
of financial risk can be determined by loan classification and it reflects in the
amount of bad debt provision. By maintaining a sufficient bad debt provision an
organization can be able to cover the financial risk of bad debt and also can be
taken re-addressable steps in the light of pores and cons of loan management.
The objective criteria of loan classification are not stable. In the light of previous
experiences there may be some particular opinions or suggestions for
development that system. But in consideration of practical utility there is no
alternative in loan classification (Saha, 2004).
Evolution of maintaining bad debt provision: Observation regarding BHBFC
House Building Finance Corporation (HBFC) was established in 1952. Before
1971, there was no any head named bad debt provision.
BHBFC introduced loan classification system in 1999-2000. At the time of
introduction of loan classification system in the corporation in 1999-2000, the
classified loan amount and rate were Tk. 834.30 crore and 31% respectively6. At
6

Annual Report of BHBFC (2008-2009), p.21.

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Factors Influencing Loan Classification of BHBFC

205

that time the balance of reserve for bad and doubtful debt was Tk. 70.48 crore
only as against the requirement of taka 255.83 crore7 and it stood Tk. 220.73 crore
for development of loan classified system in 2002-2003 (Saha, 2004).
In 1999-2000 the loan classification activities of the corporation stared with
a deficit of taka 185.35 crore in provision amount.8 As a result of whole hearted
efforts made in the subsequent years, the organization earned net profit (accrual
basis) in first time in 2002-2003 after fulfillment of all provision shortage.
It is true that before 1999-2000, there was no any definite principle for
maintaining the bad debt provision in the organization. After implementation of
the loan classification principles, corporations shortage of provision stood near
about Tk. 250 crore (Saha, 2004). Government did not pay any financial support
to the corporation. As a result, the corporation is facing a great challenge to
meet-up the huge amount of provision shortage.
Comparative loan Classification System of BHBFC and other Institutions
There are so many basic differences in loan classification principles among
different banks, financial institutions and BHBFC. These are briefly given below:
Bangladesh Bank prepared and introduced the loan classification principle for
different banks and financial institutions. Most of the banks and financial
institutions start their loan classification activities from 1989-1990. Bangladesh Bank
provides more time to these institutions for implementing the new system.
Government also gives financial support to the banks and financial institutions to
meet-up their provision shortage. On the other hand, Finance Ministry prepared
and introduced the principle of loan classification system for BHBFC. There are
some structural differences of the loan classification system in the BHBFC and
other institutions.
The base of provision for other institutions is Base of provision = Outstanding balance of loan amount - 50% of market price of
mortgage property - Interest suspense.
But in case of BHBFC, total outstanding balance of loan amount is directly
treated as a base of provision. As a result, corporations amount of provision
naturally create huge amount as compared to other institutions.7
Although corporations loan is effectively safe due to its mortgage pattern
i.e. land, building etc. The provision rate of other institutions is high but the total
amount of provision of the corporation is high than other institutions.
Base of loan classification of BHBFC:9
Unclassified loan

: Regular and overdue less than 24 installments

Sub-standard loan : Overdue from 24 installments to less than36 installments

Doubtful loan

: Overdue from 36 installments to less than 60 installments

Bad loan

: Overdue from 60 and above installments

Findings
The first objective of our study is to examine the status of classified loan of
BHBFC. The Table that follows delineates the position of BHBFC regarding classified
loan during our period of study.

Ibid.
Annual Report of BHBFC (2008-2009), p.21
9
Annual Reports of BHBFC (2002-2003), p.8.
7
8

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Md. Tazul Islam

206

Table 3: Un-classified loan and classified loan (Sub-standard, Doubtful and Bad)
position of BHBFC
Taka in lac
Year

Un-classified Loan

Classified Loan

Sub-standard

Doubtful

Bad

Total

1999-2000

188940 (69%)

24212

28506

30712

83430 (31%)

2000-2001

200511 (71%)

21582

22934

35790

80306 (29%)

2001-2002

214094 (74%)

19733

19922

34797

74452 (26%)

2002-2003

229636 (79%)

18660

12445

31468

62473 (21%)

2003-2004

227973 (79%)

19000

12207

30268

61475 (21%)

2004-2005

219916 (79%)

17460

12486

28599

58545 (21%)

2005-2006

21157 (80%)

12675

12109

26745

51529 (20%)

2006-2007

207301 (82%)

9724

9280

25339

44343 (18%)

2007-2008

209935 (86%)

8387

5491

20152

34030 (14%)

2008-2009

216612 (87%)

10293

5129

17936

33358 (13%)

2009-2010

213900 (85%)

14112

6624

16487

37223 (15%)

Source: Annual Reports of BHBFC.

At the time of introduction of loan classification system in the BHBFC in
1999-2000, the total classified loan amount was (Sub-standard 24212 lac, Doubtful
28506 lac, Bad, 30712 lac) 83430 lac and rate was 31%. It was 21% in 2002-2003,
2003-2004 and 2004-2005 each. It was lowest at 13% in 2008-2009 and highest at
31% in 1999-2000. The amount of total classified loan trend was in decreasing
position from the inception to 2008-2009 which was the significant achievement of
BHBFC. But it increased in 2009-2010 which was 15%. The main cause for
increasing the classified loan amount in 2009-2010 as compared to previous year
may be the low quality of supervision and weak loan recovery procedures of
BHBFC.
One of the objective of our study is to find out the factors affecting
classified loan and the extent of the influence of the affecting factors.
From the review of related research we have identified some variables
influencing the volume of classified loan. It may be mentioned here that some of
these influencing variables such as political pressure, quality of supervision, quality
of the lending risk analysis, loan recovery procedures, investment of BHBFC loan in
other
heads,
sudden
business/family
trouble
and
habit
of
non
payment/misappropriation can not be quantified. Accordingly those variables
could not be included in our regression analysis.
Following Table shows the Provision, Legal / Law Charge, Spread,
Investment, Net Profit Before Tax, Bad Debt and Total Advances Position of BHBFC.

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Factors Influencing Loan Classification of BHBFC

Table

207

4: Provision, Legal / Law Charge, Spread, Investment, Net Profit Before

Tax, Bad Debt and Total Advances Position of BHBFC
(Taka in lac)

Year

1999-2000
2000-2001
2001-2002
2002-2003
2003-2004
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010

Bad Debt
Total
Net
Provision Legal Spread Investmen
Advances
t
Profit
/ Law
for
Before
classified Charg
Tax
e
total
23693
4.79 12458
23126
6173
30712
272370
24708
1.37 12450
18851
6471
35790
280817
23366
2.27 11554
11820
6793
34797
288546
19777
1.57 13912
8786
9194
31467
292108
19135
0.97 12419
12491
9233
30267
289448
18294
0.61 12953
17315
11355
28599
278461
17034
1.69 12966
21403
12410
26745
262686
15476
1.61 12768
26640
13536
25339
251644
11868
3.17 14178
36526
16503
20152
243965
10765
2.95 18050
23393
14535
17935
249970
10605
1.66 13890
30112
10808
16487
251123
Source: Annual Reports of BHBFC.

The quantitative variables affecting the classified loans are total advances,
provision for classified loan, legal charge, spread. We have considered these
variables as independent variables and classified loan as dependent variable
and the reasons have been explained in the following:
Total Advances: When credit expansion takes place, some seeds of classified
loans get sown. Some of the loans may not perform and BHBFC may find it difficult
to recover the dues by way of interest and principal amount as per the prudential
norms prescribed. Such advances are treated as classified under sub-standard,
doubtful and bad/loss depending on the period for which the dues have
remained unpaid and advances are unsecured.
Provisions: There is a direct relationship between classified loan and provisions.
Because the corporation has to make provisions towards bad debts (as part of
classified loan).
Legal Expenses: There is a direct and very close relationship between legal
expenses and classified loans. More classified loans mean more legal
expenditure. The time taken to decide court cases is long and the expenses also
mount.
Spread: Spread means the difference between interest earned and interest
expended. There is a relationship between classified loans and spread as the
income is received from performing advances and the classified loans do not
contribute to the spread at all. This is indicative of the position that performing
advances partially make up for the loss of income on account of classified loan.
In this study, spread is taken in absolute terms and is related to the absolute level
of classified loans.
One of the objective of our study is to find out the extent of influence of the
independent variables on the dependent variable. With this end in view we have
conducted regression analysis and accordingly we have developed a null
hypothesis which isHo1 : The volume of total advances does not affect the volume of classified loans.
From the regression analysis we observed that R square is .629, F-ratio is
15.247 and significance level is .004.
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Md. Tazul Islam

208

The significance level of F-ratio is .004 which means that our null hypothesis is
rejected. F-test denotes that more advances tend to give rise to more classified
loans. R square confirms that 62.9 per cent of variability of classified loans is
explained by advances. When advances pick-up some classified loans are
generated after release of advances.
In order to test the influence of provisions on classified loans we have
conducted a regression run and accordingly we developed a null hypothesis
which is Ho2 : The volume of provisions does not affect the volume of classified loans.
From the regression analysis we observed that R square is .968, F-ratio is
274.822 and significance level is .000.
F-test result shows that the regression equation between provisions and
classified loans is highly significant, which means our null hypothesis is rejected
indicating that 96.8 per cent of variability in classified loan could be attributed to
provisions.
We tried to find out the influence of legal charge on classified loan. We
have conducted a regression run and accordingly we developed a null
hypothesis which is Ho3 : The volume of legal expenses does not affect the volume of classified loans.
The results of regression analysis are:
R square .008, F-ratio .072 and Significance level .795.
The significance level of F-ratio is .795 which means that out null hypothesis
is accepted. The volume of legal charge does not affect the volume of classified
loan.
We accomplished regression analysis to show the influence of spread on
classified loan and accordingly we have developed a null hypothesis which is Ho4 : The volume of spread does not affect the volume of classified loans.
From the analysis we observed that R square is .449, F-ratio is 7.338 and
significance level is .024.
Thus we observed that F-ratio is highly significant which means that our null
hypothesis is rejected. F-test supports the argument that regression analysis
provides reliable explanation for the behavior of the variable spread. R square
shows that 44.9 per cent of the variability of classified loans is accounted for by
the spread.

Multiple Regressions
We have so far conducted simple regression analysis to see the extent of
influence of each independent variable on the dependent variable. Now we
shall conduct multiple regressions to see the influence of all the independent
variables on the dependent variable and accordingly our regression model is Y = + 1 X1 + 2 X2 + 3 X3 + 4 X4 + error.
Where, = Constant, X1 =Total Advances, X2=Provisions, X3=Legal Charges, X4
=Spread and 1, 2 , 3 and 4 =Regression Co-efficient.
We developed a null hypothesis which is -

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Factors Influencing Loan Classification of BHBFC

209

Ho5: All independent variables taken together do not affect the volume of
classified loans.
From the multiple regression analysis we observed that R square is .976, Fratio is 62.081 and significance level is .000 which means hat our null hypothesis is
rejected. So, it is evident that 97.6 per cent of the variability in the volume of
classified loans can be explained by total advances, provisions, legal charges
and spread.
In fine we can comment that the co-efficient of determination of the
multiple regression is less than 1 which indicates that there are some other
explanatory variables that we could not identify through the extent of influence
of that or those variables is very small.
We have so far treated classified loan as dependent variable but this
variable can also exert influence on other variables such as investments, net profit
before tax and bed debt our next discussion explains the process of influence.
Investments: As the level of classified loans goes on increasing, the BHBFC is
inclined to take a safe route of reducing advances and increasing investments in
more secured sectors. Since investments particularly in Govt. Securities are safe,
liquid, fully secured and occasionally more profitable because of fluctuations in
price level and interest rates, the organization prefer investments to advances
with a view to avoiding formation of classified loans.
Net profit: There is a very strong adverse relationship between net profit and
classified loans. Because classified loans bring down net profit substantially and
affect organizations reserves and provisions. In this study regression analysis may
not fully reflect the position, as net profit is a function of several independent
variables and miscellaneous items. The analysis of net profit vis-a vis classified
loans has to be viewed from this angle.
Bad Debt Provision: There is a relationship between classified loan and bad debt
provision. Classified loan does not generate any income for the organization and
at the same time organization has to incur recurring expenditure to maintain the
classified loans in their books. This involves making provision for bad and doubtful
debts and other charges apart from monitoring the accounts.
Impact of classified loans on Investments
A simple regression analysis taking investments as dependent variable and
classified loans as independent variable is attempted and accordingly we
developed a null hypothesis which is Ho6 : The volume of classified loans does not affect the volume of investment.
From the regression analysis we observed that R square in .386, F-ratio is
5.648 and significance level is .041 which means our null hypothesis is rejected.
R square value indicates that 38.6 per cent variability in investments could
be attributed to classified loans. It implies that classified loan is one of the major
explanation for the value of investments of BHBFC.
Impact of classified loans on Net Profit
In order to test the influence of classified loan on net profit we have
conducted a regression run and accordingly we developed a null hypothesis
which is Ho7 : The volume of classified loan does not affect the volume of net profit.
From the regression analysis we observed that R square is .851, F-ratio is
51.298 and significance level is .000.
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Md. Tazul Islam

210

F- test result shows that the regression equation between classified loan and net
profit is highly significant which means our null hypothesis is rejected. The result
supports the argument that regression model provides reliable explanation for the
behavior of the dependent variable.
loan.

Thus 85.1 per cent of the variability of net profit is explained by classified

Impact of classified loans on Bad Debt

We accomplished regression analysis to show the influence of classified
loan on bad debt and accordingly we have developed a null hypothesis which
isHo8: The volume of classified loan does not affect the volume of bad debt.
From the analysis we observed that R square is .841, F-ratio is 47.772 and
significance level is .000.
F-test result shows that the regression equation between classified loan and
bad debt is found to be highly significant which means our null hypothesis is
rejected. R square value is .841 which indicates that 84.1 per cent variability in
bad debt could be attributed to classified loans.
Thus we see that classified loan affects all the selected dependent
variables.

Conclusion
Economic development of the country is inseparably related to the
housing sector. BHBFC is the only Government credit provider in the housing
sector in Bangladesh. It should play promising role to solve the housing problem in
Bangladesh. But it could not play vital role for its organizational inefficiency.
BHBFC has been seriously affected by classified loan for lacking of its loan
sanctioning, disbursement and recovery processes and procedures. Loan
sanctioning procedures of BHBFC are cumbersome and immature, it should be
simple and its loan recovery procedures are also very weak. BHBFC introduced
loan classification system in 1999-2000 and that time the classified loan amount
and rate were Tk. 834.30 crore and 31% respectively. It was lowest at 13% in 20082009 and highest at 31% in 1999-2000. BHBFC should take necessary pace of work
so that unclassified loans may not fall into the classified loans. According to
multiple regressions it is evident that 97.6 per cent of the variability in the volume
of classified loans can be explained by total advances, provisions, legal charges
and spread. The variable legal charge was found to be statistically insignificant.

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