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PNB Housing Finance has continued to post strong 32% growth in the net profit to Rs 302.97 crore for the quarter ended December 2018 (Q3FY2019) over Q3FY2018. The loan book of the company surged 28%, while overall AUM jumped 38% end December 2018 over December 2017. The company has posted marginal 1% growth in the disbursement in Q3FY2019, amid challenging environment for NBFCs sector during the quarter. Meanwhile, the company has exhibited sharp improvement in margins and maintained stable asset quality in Q3FY2019.
The net interest margin was healthy at 3.06% in the quarter ended December 2018, compared with 2.72% in the preceding quarter and 3.02% in the corresponding quarter last year.
Net interest income for the quarter ended December 2018 increased 35% to Rs 558.00 crore as against Rs 412 crore in the same period of the previous year.
Income from operations increased 47% to Rs 2077.74 crore in the quarter ended December 2018. Interest expense moved up 52% to Rs 1410.25 crore, while other expenses (including staff cost of Rs 81.10 crore and other expenses of Rs 67.79 crore) increased 49% to Rs 148.89 crore. Ensuing Gross profit advanced 33% to Rs 519.32 crore.
The depreciation rose marginally to Rs 7.59 crore in Q3FY2019 against Rs 6.77 crore in Q3FY2018. The provision and write offs stood at Rs 70.14 crore against Rs 48.15 crore in same quarter last year. PBT increased 31% to Rs 441.59 crore.
Effective tax rate eased to 31.39% bps on yoy basis from 31.67%. The profit after tax of the company improved 32% to Rs 302.97 crore in the quarter ended December 2018.
Loan book and disbursements
The AUM of the company surged 38% to Rs 79737 crore end December 2018 over December 2017. The loan portfolio of the company increased 28% to Rs 70717 crore, while the loans sold outstanding increased 280% to Rs 9020 crore end December 2018 over December 2017. The disbursements increased 1% to Rs 9345 crore in the quarter ended December 2018.
The deposits with the company have increased 23% to Rs 13085.7 crore at end December 2018.
Asset quality
Gross NPA ratio increased to 0.47% at end December 2018 from 0.45% a quarter ago and 0.42% a year ago. Meanwhile, Net NPA ratio rose to 0.37% at end December 2018 from 0.35% a quarter ago.
In absolute terms, GNPA stood at Rs 332.37 crore and NNPA at Rs 261.65 crore at end December 2018.
Book value of the company stood at Rs 425.3 per share, while adjusted book value was at Rs 409.7 per share at end December 2018.
YTD Financial Performance:
For the nine-months ended December 2018 (9MFY2019), PNB Housing Finance reported 39% rise in Income from operations at Rs 5345.74 crore. Interest expense moved up 49% to Rs 3738.92 crore, while other expenses increased 37% to Rs 375.72 crore. Ensuing Gross profit increased 16% to Rs 1232.02 crore. Depreciation increased 30% to Rs 22.18 crore, while provision and write offs declined 7% to Rs 178.84 crore. PBT improved 20% to Rs 1031.00 crore. Effective tax rate stood at 31.11% 9MFY2019, compared with 31.22% in 9MFY2018. The PAT of the company improved 20% to Rs 710.26 crore in 9MFY2019.
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