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Informist, Tuesday, Jan. 21, 2025

 

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--PNB Housing Oct-Dec net profit INR 4.71 bln vs INR 3.47 bln year ago
--PNB Housing Fin Oct-Dec total income INR 19.25 bln vs INR 17.51 bln yr ago
--PNB Housing Fin Apr-Dec net profit INR 13.82 bln vs INR 10.84 bln year ago
--PNB Housing Fin Apr-Dec total income INR 56.16 bln vs INR 52.18 bln yr ago
--PNB Housing: Gross NPAs 1.19% as on Dec 31 vs 1.24% qtr ago, 1.73% yr ago
--PNB Housing: Net NPAs 0.80% as on Dec 31 vs 0.84% qtr ago, 1.14% yr ago
--PNB Housing: Provision coverage ratio at 33.19% as on Dec 31
--PNB Housing: Capital adequacy ratio at 28.80% as on Dec 31
--PNB Housing Oct-Dec disbursements INR 53.80 bln, up 29.9% on year
--PNB Housing AUM at INR 768.40 bln as on Dec 31, up 12.1% on year
--PNB Housing: Oct-Dec NIM 3.70% vs 3.68% in Jul-Sept, 3.49% year ago
--PNB Housing Oct-Dec borrowing cost 7.83% vs 7.84% in Jul-Sept
--PNB Housing Oct-Dec spread on loans 2.29% vs 2.21% in Jul-Sept
 

 

NEW DELHI – PNB Housing Finance on Tuesday reported a 36.0% jump in its net profit for the quarter ended December, thanks to the reversal of prior impairments on financial instruments and write-offs. The housing finance company's bottom line for Oct-Dec was INR 4.71 billion, broadly in line with analysts' estimates, which were in the range of INR 4.73 billion and INR 5.10 billion. Analysts had expected the lender to report healthy profit growth due to write-back of provisions.

 

In the reporting quarter, PNB Housing Finance wrote back INR 361 million worth of impairment on financial instruments and write-offs, against INR 591 of impairment a year ago. The company said in its analyst presentation that it recovered INR 530 million from written-off accounts in Oct-Dec, up from INR 480 million in Jul-Sept and INR 100 million in the third quarter of 2023-24 (Apr-Mar).

 

In terms of asset quality, PNB Housing's gross non-performing assets ratio declined to 1.19% as on Dec. 31 from 1.24% at the end of September and 1.73% a year ago, while the net NPA ratio eased to 0.80%, down 4 basis points on quarter and 34 bps year-on-year. The provision coverage ratio stood at 33.19% as on Dec. 31, while the capital adequacy ratio was 28.80%.

 

On the business front, PNB Housing's total income in Oct-Dec was INR 19.25 billion, up 9.9% on year, driven by a 9.4% increase in interest income at INR 18.29 billion. Total disbursements during the quarter were up 29.9% at INR 53.80 billion, with assets under management at the end of December at INR 768.40 billion, up 12.1%. Disbursals were strongest in the 'affordable' segment, which saw growth of 126.8%.

 

With the average cost of borrowing edging down slightly to 7.83% in Oct-Dec from 7.84% the previous quarter and the spread on loans widening to 2.29% from 2.21%, the net interest margin rose a tad to 3.70% from 3.68% in Jul-Sept.

 

For Apr-Dec, PNB Housing's net profit was INR 13.82 billion, up 27.5% on year, with total income 7.6% higher at INR 56.16 billion. Shares of PNB Housing Finance closed 1.5% lower on Tuesday at INR 898.50 on the National Stock Exchange. The earnings were announced after market hours.  End

 

Reported by Siddharth Upasani

Edited by Avishek Dutta

 

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