|
Results
22-Jul-22
|
|
|
|
|
Analysis
|
|
Can Fin Homes
|
Strong show with robust loan growth and asset quality
|
|
|
Can Fin Homes has posted strong 49% jump
in the net profit to Rs 162.21 crore in the quarter ended June 2022 (Q1FY2023),
driven by sharp 40% surge net interest income and improvement in the cost to
income ratio and credit cost.
The interest income of the company galloped
40% yoy, driven by improvement in net interest margin and acceleration in loan
growth. The company also maintained healthy asset quality, which is one of the
best in the industry.
The loan growth accelerated to 24% end
June 2022 from 21% end March 2022. The disbursements and loan sanctions have continued
to increase at robust pace in Q1FY2023.
The interest income moved up 36% to Rs
611.21 crore, while the interest expenses increased 33% allowing the net
interest income to surge 40% to Rs 255.11 crore. The operating expenses increased
37% to Rs 38.31 crore leading to 40% jump in the operating profit to Rs 217.17 crore.
The company has reversed provisions of
Rs 3.69 crore in Q1FY2023, mainly driven by write back of standard asset
provisions of Rs 11.66 crore, while NPA provisions stood at Rs 7.97 crore. the
depreciation declined 9% to Rs 2.16 crore. PBT increased 50% to Rs 218.69
crore.
An effective tax rate was steady at 25.8%,
leading to 49% increase in the net profit to Rs 162.21 crore.
Book
value
of the company stood at Rs 242.5 per share, while the adjusted book value net
of net NPA and 10% of restructured loans stood at Rs 2314 per share end June
2022.
Business
highlights
The disbursement of the company galloped
93% to Rs 1722 crore, while sanctions improved 111% to Rs 1751 crore in
Q1FY2023.
The loan book moved up at an
accelerated 24% to Rs 27538 crore. About 74% of the outstanding loan book is
from Salaried Professionals. Further 90% of loam book is home loans.
The net interest margin of the company
declined on sequential basis to 3.6% in Q1FY2023 from 4.15% in Q4FY2022, while
increased from 3.30% in Q1FY2023. The yield on advances rose to 8.46% from 8.06%
in Q1FY2022. The cost of funds rose to 5.80% from a quarter ago.
Gross NPA ratio of the company was
nearly flat at 0.65% and net NPA ratio at 0.30% end June 2022 compared with 0.65%
and 0.30% end March 2022, while dipped from 0.90% and 0.57% end June 2021.
Financial
performance FY2022
Interest income declined 2% to Rs 1987.83
crore, while interest expense fell 5% to Rs 1153.51 crore, leading to 3% rise in
net interest income to Rs 834.32 crore. Operating expenses moved up 25% to Rs 143.20
crore. Operating profit declined 1% to Rs 691.80 crore. Provisions dipped 32%
to Rs 46.94 crore, while depreciation increased 3% to Rs 9.81 crore. PBT rose 3%
to Rs 635.06 crore. An effective tax rate eased to 25.8% from 26.2%. Net profit
moved up 3% to Rs 471.11 crore in FY2022.
Can Fin Homes: Results
|
|
2206 (3)
|
2106 (3)
|
Var %
|
2203 (12)
|
2103 (12)
|
Var %
|
Interest Inc.
|
611.21
|
450.80
|
36
|
1987.83
|
2018.14
|
-2
|
Interest Exp.
|
356.10
|
268.04
|
33
|
1153.51
|
1208.33
|
-5
|
Net Interest Inc.
|
255.11
|
182.76
|
40
|
834.32
|
809.81
|
3
|
Other inc.
|
0.37
|
0.04
|
825
|
0.68
|
0.29
|
134
|
Total inc.
|
255.48
|
182.80
|
40
|
835.00
|
810.10
|
3
|
Op. Exp.
|
38.31
|
27.88
|
37
|
143.20
|
114.42
|
25
|
OP
|
217.17
|
154.92
|
40
|
691.80
|
695.68
|
-1
|
Woff/Prov. of B/D
|
-3.69
|
6.55
|
-156
|
46.94
|
68.53
|
-32
|
Dep.
|
2.16
|
2.37
|
-9
|
9.81
|
9.57
|
3
|
PBT
|
218.69
|
146.00
|
50
|
635.06
|
617.58
|
3
|
Total Tax
|
56.48
|
37.15
|
52
|
163.95
|
161.52
|
2
|
PAT
|
162.21
|
108.85
|
49
|
471.11
|
456.06
|
3
|
EPS* (Rs)
|
48.7
|
32.7
|
|
35.4
|
34.3
|
|
Adj BV (Rs)
|
231.4
|
194.7
|
|
219.1
|
185.9
|
|
* annualized on current
equity of Rs 26.63 crore. Face Value: Rs 2
|
Figures in Rs crore,
|
Source: Capitaline
Corporate Database
|
|
|
Previous News |
Can Fin Homes standalone net profit rises 11.54% in the September 2023 quarter
(
Results
-
Announcements
18-Oct-23
07:40
)
|
|
Can Fin Homes announces resignation of Chief Information Officer
(
Corporate News
-
05-Sep-24
13:25
)
|
|
Can Fin Homes to convene board meeting
(
Corporate News
-
15-Mar-23
10:59
)
|
|
Board of Can Fin Homes recommends final dividend
(
Corporate News
-
29-Apr-24
19:59
)
|
|
Can Fin Homes schedules board meeting
(
Corporate News
-
05-Jul-23
10:26
)
|
|
Can Fin Homes announces cessation of director
(
Corporate News
-
08-Sep-22
18:48
)
|
|
Can Fin Homes in demand after good Q1 show
(
Hot Pursuit
-
26-Aug-20
09:19
)
|
|
Can Fin Homes appoints directors
(
Corporate News
-
08-Sep-22
18:47
)
|
|
Can Fin Homes schedules board meeting
(
Corporate News
-
25-Jul-22
14:41
)
|
|
Can Fin Homes announces board meeting date
(
Corporate News
-
19-Apr-21
14:59
)
|
|
Can Fin Homes fixes record date for sub-division for shares
(
Market Beat
-
Reports
22-Sep-17
17:38
)
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|