365Telugu.com online news, July 26th,2024: The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Unaudited Financial Results for the quarter ended 30th June 2024. The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines. The financial numbers are based on IndAS.
Key Highlights
Disbursement grew by 19% YoY to INR 4,398 crore; retail disbursement constitutes 99%
.Emerging markets and affordable segment contribute 33% of the retail disbursement in Q1FY25
.Retail Loan Asset grew by 14.4% YoY to INR 65,157 crore as on 30th Jun 2024, which is 97.3% of Loan Asset
.Affordable book crossed INR 2,000 crore mark; as on 30th Jun 2024 is at INR 2,361 crore
.Loan Asset stood at INR 66,986 crore as on 30th Jun 2024 registering 11% growth YoY
.Strengthened Pan India presence to 303 branches & outreaches
.Dedicated 160 branches for Affordable segment and 50 branches for Emerging Segment
.Gross NPA declined by 241 bps to 1.35% as on 30th Jun 2024 as compared to 3.76% as on 30th June 2023. Net NPA declined to less than 1% at 0.92% as on 30th Jun 2024
.Resolved 1 NPA and 1 written off corporate account during the quarter
.Recovered ~INR 80 crore from total written-off pool in Q1FY25
.Profit after Tax is at INR 433 crore vs INR 347 crore registering an increase of 25% YoY
.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”; Outlook “Stable”
Financial performance (Q1 FY24-25 vs Q1 FY23-24 and Q4 FY23-24)
.Net profit increased by 25% YoY and declined by 1.5% QoQ to INR 433 crore
.Net Interest Income grew by 4% YoY and 3% QoQ to INR 651 crore
.Operating expenditure increased by 27% YoY and 8% QoQ to INR 190 crore
.Yield at 10.03% in Q1 FY25 as compared to 10.08% in Q4 FY24 and 10.59% in Q1 FY24
.Cost of Borrowing is at 7.92% in Q1 FY25 as compared to 7.98% in Q4 FY24 and 7.97% in Q1 FY24
.Spread on loans is at 2.11% in Q1 FY25 as compared to 2.10% in Q4 FY24 and 2.62% in Q1 FY24
.Net Interest Margin stood at 3.65% in Q1 FY25 as compared to 3.65% in Q4 FY24 and 3.86% in Q1 FY24. Gross Margin, net of acquisition cost, stood at 4.03% in Q1 FY25
.With recovery from total written off pool, Credit Cost stood at -7 bps in Q1 FY25 as compared to 4 bps in Q4 FY24 and 36 bps in Q1 FY25
Business Operations
.The disbursements during Q1 FY25 grew by 19% YoY to INR 4,398 crore
.Retail disbursement grew by 19% YoY to INR 4,363 in Q1 FY25
.Loan Asset grew by 11%YoY and 2% QoQ to INR 66,896 crore as on 30th Jun 2024
.Retail loans grew by 14% YoY and 3% QoQ to INR 65,157 crore as on 30th Jun 2024. Within Retail, affordable loan asset is at INR 2,361 crore as on 30th Jun 2024
.Corporate loans are at INR 1,829 crore as on 30th Jun 2024, reduced by 46% as compared to 30th Jun 2023
.Asset under Management (AUM) grew by 8% YoY and 2% QoQ to INR 72,540 crore as on 30th Jun 2024
Distribution and Service Network
.The Company has 303 branches / outreach locations as on 30th Jun 2024:
.Affordable business presence in 160 branches
.Dedicated 50 branches for Emerging Segment
.93 branches for Prime segment
Asset Quality
.Gross Non-Performing Assets is at 1.35% as on 30th Jun 2024 as compared to 3.76% as on 30th Jun 2023 and 1.50% as on 31st Mar 2024
.Retail GNPA is 1.39% as on 30th Jun 2024 as compared to 2.49% as on 30th Jun 2023 and 1.45% as on 31st Mar 2024
.Corporate GNPA stands nil as on 30th Jun 2024 as compared to 24.99% as on 30th Jun 2023 and 3.31% as on 31st Mar 2024
.Net NPA stood at 0.92% as on 30th Jun 2024. NNPA in Retail segment is at 0.94%
Capital to Risk Asset Ratio (CRAR)
.The Company’s CRAR based on IndAS stood at 29.50% as on 30th Jun 2024, of which Tier I capital is 28.43% and Tier II is 1.07% as compared 29.93% as on 30th Jun 2023, of which Tier I capital was 28.15% and Tier II was 1.78%
Commenting on the performance Mr. Girish Kousgi, Managing Director & CEO said:
The Company’s focus on growth, asset quality and profitability are yielding results as evidenced by the increased contribution from high-yielding segments, such as the affordable segment and emerging markets, which accounted for over 30% of retail disbursement during the quarter.
Our consistent efforts have enabled us to resolve the NPA accounts, thereby reducing our total GNPA to 1.35% as on June 30, 2024.
The Government’s commitment to inclusive growth is demonstrated by the expansion of the PMAY scheme, which includes the provision of 3 crore additional houses in urban and rural areas.
This is a substantial stride toward the realization of the government’s vision of “Housing for all.”The Company is well-positioned to capitalize on this opportunity with our Pan India presence through 303 branches, including dedicated160 branches for the affordable segment.”