PNB Housing Finance’s Q3FY25 results reporting an increase in Net profit by 2.9% QoQ to INR 483.3 crore
FinTech BizNews Service
Mumbai, January 22, 2025: The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Unaudited
Financial Results for the quarter ended 31st December 2024. The accounts are based on IndAS.
Highlights
Retail Disbursement grew by 31% YoY to INR 5,380 crore during Q3 FY25; Affordable and Emerging
Market segment contributed 38% to the retail disbursement o Affordable segment showed robust growth of 126.8% YoY and 46.0% QoQ to INR 920 crore o Emerging Markets Segment grew by 39.3% YoY and 6.8% QoQ to INR 1,105 crore
Gross NPA declined by 54 bps to 1.19% as on 31st Dec 2024 as compared to 1.73% as on 31st Dec
2023.
Recovered INR 53 crore from retail written-off pool in Q3FY25
Profit after Tax for 9M FY25 is at INR 1,385.8 crore vs INR 1,068.8 crore registering an increase of
29.7% YoY
Capital Risk Adequacy Ratio stood at 28.8% as on 31st Dec 2024; Tier I at 28.0%
Financial performance (Q3 FY24-25 vs Q3 FY23-24 and Q2 FY24-25)
Net profit increased by 42.8% YoY and 2.9% QoQ to INR 483.3 crore
Net Interest Income grew by 17.0% YoY and 4.1% QoQ to INR 695.7 crore. The Net Interest Income
for Retail segment grew by 17.4% YoY.
Operating expenditure grew by 22.3% YoY and 1.9% QoQ to INR 202.6 crore
Pre provision operating profit grew by 16.1% YoY and 3.7% QoQ to INR 579.5 crore
Yield at 10.12% in Q3 FY25 as compared to 10.05% in Q2 FY25 and 10.19% in Q3 FY24
Cost of Borrowing is at 7.83% in Q3FY25 as compared to 7.84% in Q2 FY25 and 8.07% in Q3 FY24
Spread on loans is at 2.29% in Q3 FY25 as compared to 2.21% in Q2 FY25 and 2.12% in Q3 FY24
Net Interest Margin stood at 3.70% in Q3 FY25 as compared to 3.68% in Q2 FY25 and 3.49% in Q3
FY24. Gross Margin, net of acquisition cost, stood at 4.07% in Q3 FY25
With recovery from retail written off pool, Credit Cost was -19 bps in Q3 FY25 as compared to -24 bps
in Q2 FY25 and 34 bps in Q3 FY24.
Financial performance (9M FY24-25 vs 9M FY23-24)
Net profit increased by 29.7% YoY to INR 1,385.8 crore
Net Interest Income grew by 7.0% YoY to INR 2,015.3 crore. The Net Interest Income for Retail
segment grew by 12.4% YoY.
Operating expenditure increased by 22.5% YoY to INR 591.3 crore
Pre provision operating profit grew by 7.8% YoY to INR 1,680.9 crore
Yield at 10.07% in 9M FY25 as compared to 10.45% in 9M FY24
Cost of Borrowing is at 7.86% in 9M FY25 as compared to 8.03% in 9M FY24
Spread on loans is at 2.21% in 9M FY25 as compared to 2.42% in 9M FY24
Net Interest Margin stood at 3.67% in 9M FY25 as compared to 3.77% in 9M FY24. Gross Margin, net
of acquisition cost, stood at 4.06% in 9M FY25
With recovery from retail written off pool, Credit Cost was -17 bps in 9M FY25 as compared to +32 bps
in 9M FY24
ROA improved by 40 bps on YoY basis at 2.48% in 9M FY25 (annualized)
ROE is at 11.81% (annualized) for 9MFY25
Business Operations
The disbursements during Q3 FY25 grew by 29.9% YoY and 0.7% QoQ to INR 5,380 crore o Retail Segment grew by 30.9% YoY and 0.7% QoQ to INR 5,380 crore
Loan Asset grew by 15.4%YoY and 3.5% QoQ to INR 71,917 crore as on 31st Dec 2024 o Retail loans grew by 17.5% YoY and 4.0% QoQ to INR 70,676 crore as on 31th Dec 2024.
Within Retail, Affordable Loan Asset grew by 234.0% YoY to INR 3,838 crore, Emerging
Markets Loan Asset grew by 23% YoY to INR 13,169 crore and Prime segment grew by 11%
YoY to INR 53,669 crore as on 31st Dec 2024. o Corporate loans are at INR 1,241 crore as on 31st Dec 2024, reduced by 43.8% as compared
to 31st Dec 2023
Asset under Management (AUM) grew by 12.1% YoY and 2.8% QoQ to INR 76,840 crore as on 31st Dec 2024
Distribution and Service Network
The Company has 305 branches / outreach locations as on 31st Dec 2024: o Affordable business presence in 161 branches o Dedicated 50 branches for Emerging Markets Segment o 94 branches for Prime segment
Asset Quality
Gross Non-Performing Assets stood at 1.19%
Retail GNPA is 1.21% as on 31st Dec 2024 as compared to 1.27% as on 30th Sep 2024 and
1.67% as on 31st Dec 2023 o Corporate GNPA stands Nil as on 31st Dec 2024 and 30th Sep 2024 as compared to 3.35% as
on 31st Dec 2023
Net NPA stood at 0.80% as on 31st Dec 2024. NNPA in Retail segment is at 0.81%
Capital to Risk Asset Ratio (CRAR)
28.8% as on 31st Dec 2024, of which Tier I capital is 28.0% and Tier II
is 0.8% as compared 29.5% as on 31st Dec 2023, of which Tier I capital was 28.0% and Tier II was
1.6%.
Commenting on the performance Mr. Girish Kousgi, Managing Director & CEO said:
The Company delivered on its growth and profitability parameters with Retail segment growth at 17.5%
and Return on Asset at 2.48% (annualised) for 9M FY25. Our affordable segment is performing well and
has delivered robust disbursement growth of 127% YoY to INR 920 crore during the quarter. The portfolio
asset quality continues to improve with Gross NPA at 1.19% as on 31st Dec 2024. The Company received
NHB refinance sanction of INR 5,000 crore and another ECB sanction of USD 100 million in Q3 FY25.
The Company has signed an MoU with NHB under Pradhan Mantri Aawas Yojna Urban 2.0 to support the
eligible beneficiaries under Interest Subsidy scheme. The Company with Affordable and Emerging Markets
segment and pan India presence is well placed to tap the available opportunity.
