| PNB Housing Finance has
posted strong 25% growth in the net profit to Rs 432.81 crore for the quarter
ended June 2024 (Q1FY2025) over Q1FY2024. The loan book of the company improved
11%, while overall AUM moved up 8% end June 2024 over June 2023. The company
has posted strong 19% growth in the disbursement in Q1FY2025. Meanwhile, the
margins of the company were stable, while asset quality improved in Q1FY2025.
The net interest margin
was steady at 3.65% in the quarter ended June 2024, compared with 3.65% in the
preceding quarter and eased 3.86% in the corresponding quarter last year. Net
interest income for the quarter ended June 2024 increased 4% to Rs 642.14 crore
as against Rs 619.44 crore in the same period of the previous year.
Income from operations rose
4% to Rs 1739.07 crore in the quarter ended June 2024. Interest expense moved
up 5% to Rs 1096.93 crore, while other expenses (including staff cost of Rs 109.23
crore and other expenses of Rs 70.35 crore) increased 28% to Rs 179.58 crore. Ensuing
Gross profit moved up 7% to Rs 555.57 crore.
The depreciation rose to
Rs 13.35 crore in Q1FY2025 against Rs 12.63 crore in Q1FY2024. The company has
reversed provisions of Rs 11.96 crore as against provision charge of Rs 60.56 crore
in same quarter last year. PBT increased 24% to Rs 554.18 crore.
Effective tax rate eased
to 21.90% bps on yoy basis from 22.24%. The profit after tax of the company
improved 25% to Rs 432.81 crore in the quarter ended June 2024.
Loan book and
disbursements
The AUM of the company increased
8% to Rs 72540 crore end June 2024 over June 2023. The loan portfolio of the
company moved up 11% to Rs 66986 crore, The loans sold outstanding declined 20%
to Rs 5554 crore end June 2024 over June 2023.
The disbursements
increased 19% to Rs 4398 crore in the quarter ended June 2024. Retail
disbursement constitutes 99% of total disbursements. Emerging markets and
affordable segment contribute 33% of the retail disbursement in Q1FY25.
Retail Loan Asset grew
by 14.4% yoy to Rs 65157 crore end June 2024, which is 97.3% of loan asset. Affordable
book crossed Rs 2,000 crore mark to touch Rs 2,361 crore end June 2024.
The company has
strengthened pan India presence to 303 branches & outreaches. It has
dedicated 160 branches for Affordable segment and 50 branches for Emerging
Segment.
Return on Asset is at
2.38% in Q1FY25 (annualized). FY24 ROA stood at 2.20%
Capital Risk Adequacy
Ratio stood at 29.50% as on 30th Jun 2024; Tier I at 28.43% CRISIL upgraded the
rating to “AA+” from “AA”, while Outlook is “Stable”.
The deposits with the
company have increased 7% to Rs 18103 crore at end June 2024.
Asset quality
Gross NPA ratio declined
to 1.35% at end June 2024 from 1.50% a quarter ago and 3.76% a year ago.
Meanwhile, Net NPA ratio also declined to 0.92% at end June 2024 from 0.95% a
quarter ago. The company resolved 1 NPA and 1 written off corporate account
during the quarter. The recoveries were at Rs 80 crore from total written-off
pool in Q1FY25.
In absolute terms, GNPA
stood at Rs 906 crore and NNPA at Rs 612.00 crore at end June 2024.
Book value of the company stood at Rs 593.2 per share, while adjusted book
value was at Rs 569.6 per share at end June 2024.
Financial Performance
FY2024
For the year ended March
2024 (FY2024), PNB Housing Finance reported 9% rise in Income from operations
at Rs 6742.21 crore. Interest expense moved up 9% to Rs 4261.12 crore, while
other expenses increased 17% to Rs 619.76 crore. Ensuing Gross profit increased
3% to Rs 2176.21 crore. Depreciation increased 0% to Rs 51.19 crore, while
provision and write offs dipped 75% to Rs 171.12 crore. PBT improved 44% to Rs
1953.90 crore. Effective tax rate stood at 22.82% FY2024, compared with 23.14%
in FY2023. The PAT of the company improved 44% to Rs 1508.01 crore in FY2024.
|
PNB Housing Finance:
Consolidated Results
|
|
Particulars
|
2406 (3)
|
2306 (3)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Income from operations
|
1739.07
|
1666.94
|
4
|
6742.21
|
6199.07
|
9
|
|
Other Income
|
93.01
|
40.78
|
128
|
314.88
|
330.59
|
-5
|
|
Total Income
|
1832.08
|
1707.72
|
7
|
7057.09
|
6529.66
|
8
|
|
Interest Expenses
|
1096.93
|
1047.50
|
5
|
4261.12
|
3898.52
|
9
|
|
Other expenses
|
179.58
|
140.35
|
28
|
619.76
|
527.51
|
17
|
|
Gross profit
|
555.57
|
519.87
|
7
|
2176.21
|
2103.63
|
3
|
|
Depreciation
|
13.35
|
12.63
|
6
|
51.19
|
51.44
|
0
|
|
Profit before tax and
Provisions
|
542.22
|
507.24
|
7
|
2125.02
|
2052.19
|
4
|
|
Provisions and write
off
|
-11.96
|
60.56
|
LP
|
171.12
|
691.28
|
-75
|
|
Profit before tax
|
554.18
|
446.68
|
24
|
1953.90
|
1360.91
|
44
|
|
Provision for tax
|
121.37
|
99.36
|
22
|
445.89
|
314.91
|
42
|
|
PAT
|
432.81
|
347.32
|
25
|
1508.01
|
1046.00
|
44
|
|
EPS*(Rs)
|
66.7
|
53.5
|
|
58.1
|
40.3
|
|
|
Adj BV (Rs)
|
569.6
|
474.4
|
|
552.8
|
556.5
|
|
|
* Annualized on
current equity of Rs 259.73 crore. Face Value: Rs 10, Figures in Rs Crore, LP:
Loss to Profit, PL; Profit to Loss
|
|
Source: Capitaline
Corporate Database
|
|