Bengaluru: 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%
o 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
o 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
o 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
o 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
o 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
o 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:
o Affordable business presence in 160 branches
o Dedicated 50 branches for Emerging Segment
o 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
o 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
o 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.”