The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Unaudited Financial Results for the quarter ended 30th June, 2018. The accounts have been subjected to a limited review by the Company's Statutory Auditors in line with the regulatory guidelines. As per the notifications issued by the Ministry of Corporate Affairs and National Housing Bank, the Company has adopted Indian Accounting Standards i.e. IndAS from 1st April 2018. The financial numbers for Q1 FY17-18 and Q1 FY18-19 are based in IndAS.
Financial performance (Q1 FY18-19 vs Q1 FY17-18)
- Net Interest Income at INR 432.8 crore vs INR 339.3 crore registering a growth of 28%.
- Profit after Tax increased by 50% to INR 255.8 crore from INR 170.1 crore.
- The spread on loans for Q1 FY18-19 stood at 2.11% compared to 2.15% for Q1 FY17-18.
- Net Interest Margin for Q1 FY18-19 stood at 2.74% compared to 3.10% for Q1 FY17-18.
- Gross Margin, net of acquisition cost, for Q1 FY18-19 stood at 3.21%.
- The cumulative ECL provision as on 30th June 2018 is INR 329.5 crore. In addition to the ECL provision, the Company has maintained INR 145.54 crore as a steady state provisions for unforeseeable macro-economic factors.
- Return on Asset is maintained at 1.54% on an average gearing of 8.66 against 6.46 during Q1 FY17-18 resulting in expansion in Return on Equity to 15.75% for Q1 FY2018-19 vis a vis 11.85% for Q1 FY2017-18.
- Disbursements increased by 25% to INR 9,767.3 crore during Q1 FY18-19 from INR 7,793.9 crore over Q1 FY17-18.
- Asset under Management (AUM) is at INR 68,577.5 crore as on 30 th June, 2018 from INR 46,755.2 crore as on 30th June, 2017 registering a growth of 47% during the period. The Housing Loans consists of 70% and Non Housing 30% of the AUM.
- Loan Outstanding grew by a healthy rate of 45% YoY to INR 63,905.8 crore as on 30th June, 2018.
- Total borrowings is at INR 60,439.7 crore as on 30th June, 2018 from INR 39,563.8 crore as on 30th June 2017 registering a growth of 53% during the period.
- The Deposit portfolio grew by 17% to INR 11,723.7 crore as on 30th June, 2018 from INR 10,025.2 crore as on 30th June, 2017.
- The total outstanding loans assigned amounted to INR 4,671.7 crore as on 30th June, 2018.
Distribution and Service Network
- As on 30th June, 2018 the Company has 85 branches with presence in 48 unique cities and 21 Hubs. This includes 1 branch, which was made operational during the quarter. The Company also services the customers through 34 outreach locations.
- Gross Non-Performing Assets (NPA) stood at 0.43% of the Loan Assets as on 30th June, 2018 against 0.43% as on 30th June, 2017. At an AUM level the Gross NPA falls further to 0.41%.
- Net NPA stood at 0.33% of the Loan Assets as on 30th June, 2018 against 0.33% as on 30th June, 2017.
Capital to Risk Asset Ratio (CRAR)
- The Company's CRAR as on 30th June, 2018 stood at 14.87%, of which Tier I capital was 11.41% and Tier II capital was 3.46%. As per the regulatory norms, the minimum requirement for the CRAR and Tier I capital is 12% and 6% respectively.
- PNB Housing Finance Fixed Deposit programme has been rated "FAAA" by CRISIL and "AAA" by CARE. The rating of "FAAA" and "AAA" indicates 'High Safety" with regards to the repayment of interest and principal. The Company's Commercial Paper (CP) is rated at "A1(+)" by CARE & CRISIL and Non-Convertible Debenture (NCD) are rated at "AAA" by CARE, "AAA (RWN)" by India Ratings, "AA+" by CRISIL and "AA+" by ICRA. Further the bank loans long term rating is rated at "AAA" by CARE and AA+ by CRISIL.
Commenting on the performance Mr. Sanjaya Gupta, Managing Director said: 'We continue to register a strong double digit growth in all our business and financial vectors. We are the fastest growing HFC amongst the top 5 HFCs in India. However, we believe in a profitable growth hence pre-empting the interest rate scenario, increased our lending rates on the book as well as on incremental disbursements.
We are in the midst of a stake sale whereby our promoter i.e. Punjab National Bank and our second largest shareholder i.e. Quality Investment Holdings, the Carlyle group, have started the process to sell the controlling stake in the Company. While the process is underway, we continue to focus on our business and growth strategy."
Shares of PNB Housing Finance Ltd was last trading in BSE at Rs.1304.4 as compared to the previous close of Rs. 1298.3. The total number of shares traded during the day was 4685 in over 518 trades.
The stock hit an intraday high of Rs. 1320.15 and intraday low of 1293. The net turnover during the day was Rs. 6133296.