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PNB Housing Finance, on standalone basis, has continued to post strong 38% growth in the net profit to Rs 235.05 crore for the quarter ended June 2018 (Q1FY2019) over Q1FY2018. The loan book of the company surged 45%, while overall AUM jumped 47% end June 2018 over June 2017. The company has posted strong 25% growth in the disbursement in Q1FY2019. However, the margins of the company have moderated, while asset quality weakened marginally in Q1FY2019.
The company adopted Indian Accounting Standards (Ind AS) with effect from 1st April 2018. Results of Q1FY19 are prepared and reported in compliance with Ind AS requirements. Additionally, for the same quarter of previous year (Q1FY18), figures have been recast as per Ind AS requirements.
The net interest margin has declined to 2.74% in the quarter ended June 2018 and 3.10% in the corresponding quarter last year. Net interest income for the quarter ended June 2018 increased 28% to Rs 433 crore as against Rs 339 crore in the same period of the previous year.
Income from operations increased 39% to Rs 1615.83 crore in the quarter ended June 2018. Interest expense moved up 47% to Rs 1099.75 crore, while other expenses (including staff cost of Rs 44.85 crore and other expenses of Rs 75.08 crore) increased 32% to Rs 119.93 crore. Ensuing Gross profit advanced 24% to Rs 396.35 crore.
The depreciation rose to Rs 6.72 crore in Q1FY2019 against Rs 5.08 crore in Q1FY2018. The provision and write offs stood at Rs 44.01 crore against Rs 68.12 crore in same quarter last year. PBT increased 41% to Rs 345.62 crore.
Effective tax rate rose to 31.99% bps on yoy basis from 30.71%. The profit after tax of the company improved 38% to Rs 235.05 crore in the quarter ended June 2018.
Loan book and disbursements
The AUM of the company surged 47% to Rs 68578 crore end June 2018 over June 2017. The loan portfolio of the company increased 45% to Rs 63906 crore, while the loans sold outstanding increased 70% to Rs 4672 crore end June 2018 over June 2017. The disbursements increased 25% to Rs 9767 crore in the quarter ended June 2018.
The deposits with the company have increased 17% to Rs 11723.7 crore at end June 2018.
Asset quality
Gross NPA ratio increased to 0.41% at end June 2018 from0.43% a year ago. Meanwhile, Net NPA ratio also increased to 0.33% at end June 2018. In absolute terms, GNPA stood at Rs 281.17 crore and NNPA at Rs 226.31 crore at end June 2018.
The company's CRAR as at end June 2018 stood at 14.87%, of which Tier I capital was 11.41%.
The company has 85 branches with presence in 48 unique cities. The employee base of the company has increased to 1364 employees end June 2018.
Book value of the company stood at Rs 390.7 per share, while adjusted book value was at Rs 377.2 per share at end June 2018.
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