Earnings Review
PNB Housing Finance Jul-Sept net profit rises 22.7% YoY to INR 4.72 bln
This story was originally published at 21:02 IST on 24 October 2024
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--PNB Housing Fin Jul-Sept net profit INR 4.72 bln vs INR 3.84 bln year ago
--PNB Housing Fin Jul-Sept revenue INR 18.68 bln vs INR 17.66 bln year ago
--PNB Housing Fin Apr-Sept net profit INR 9.10 bln vs INR 7.37 bln year ago
--PNB Housing Finance gross NPA ratio at 1.24% as on Sept 30
--PNB Housing Fin Apr-Sept revenue INR 36.80 bln vs INR 34.65 bln year ago
--PNB Housing Finance net NPA ratio at 0.84% as on Sept 30
--PNB Housing Finance capital adequacy ratio at 29.13% as on Sept 30
NEW DELHI – PNB Housing Finance Ltd. today reported a 22.7% year-on-year rise in its net profit to INR 4.72 billion for the quarter ended September. On a sequential basis, the net profit was up 7.5%.
The company's net profit for Jul-Sept was higher than analyst expectations. Motilal Oswal Financial Services had estimated the company's net profit for Jul-Sept at INR 4.43 billion, while Nirmal Bang Institutional Equities pegged it at INR 4.64 billion. The housing finance company had reported a 24.4% on year rise in its net profit to INR 4.39 billion in the previous quarter.
Shares of the company on Thursday ended 1.4% lower at INR 934.45 on the National Stock Exchange of India Ltd. The company announced its earnings after the market hours. Total revenue from operations rose 5.7% on year to INR 18.68 billion, while total expenses were largely similar to last year at INR 12.62 billion.
The net interest income--the difference between interest earned and expended--rose 1.2% on year to INR 6.69 billion during Jul-Sept. Motilal Oswal had estimated PNB Housing Finance's net interest income at INR 6.66 billion, while Nirmal Bang had seen it at INR 6.78 billion compared to INR 6.34 billion a year ago.
The net interest margin rose 3 basis points on quarter to 3.68% in Jul-Sept, but was down 27 bps from Jul-Sept last year. The assets under management of the company increased 10.8% on year to INR 747.24 billion as on Sept. 30.
Total disbursements grew 27.8% on year to INR 53.41 billion in Jul-Sept. All disbursements in Jul-Sept were in the retail segment. Affordable and emerging markets segments accounted for 31% of the retail disbursement in Jul-Sept, as against 33% in the previous quarter, the company said in an investor presentation.
The total loan book of the company was at INR 695.01 billion as of Sept. 30, up 14.2% from a year ago. Retail loan assets rose 16.2% on year to INR 679.70 billion as of Sept. 30. Affordable and emerging markets segments made up 23% of the retail loan book.
On the asset quality front, the gross non-performing asset ratio of the company eased to 1.24% as on Sept. 30 from 1.35% a quarter ago and 1.78% a year ago. The net non-performing asset ratio moderated to 0.84% as of Sept. 30 from 0.92% a quarter ago and 1.19% a year ago.
The company recovered INR 480 million from retail written-off pool in Jul-Sept. With recovery from retail written off pool, credit cost was (-)24 bps in Jul-Sep compared with (-)7 bps in Apr-Jun and 26 bps in Jul-Sept last year.
PNB Housing Finance's capital adequacy ratio was 29.13% as on Sept. 30, down 37 bps from the previous quarter and 125 bps from Jul-Sept last year.
During Apr-Sept, the company's net profit rose to INR 9.10 billion from INR 7.37 billion a year ago, while revenue from operations increased to INR 36.80 billion from INR 34.65 billion a year ago. End
Edited by Akul Nishant Akhoury
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