Total income declined 22.3% to Rs 1,425.83 crore in the fourth quarter from Rs 1,833.90 crore in the corresponding year last year. Profit before tax in Q4 FY22 stood at Rs 223.78 crore, up by 18.9% from Rs 188.14 crore in Q4 FY21.

Net interest income declined 37% to Rs 377 crore in Q4 FY22 from Rs 593 crore in Q4 FY21. Net interest margin for Q4 March 2022 stood at 2.3% compared to 3.3% for Q4 March 2021.

During Q4 FY22, there was a net income reversal of Rs 58 crore on derecognized loans due to unwinding impact of spread contraction and run offs whereas during Q4 FY21, there was a net positive impact of Rs 58 crore on derecognized loans due to fall in assignees' MCLR in Q4 FY21-22, there is an IndAS adjustment resulting in net interest income reversal of Rs 70 crore.

Pre-provision operating profit declined by 31% to Rs 369 crore in Q4 FY22 as against Rs 539 crore in the same period last year.

Operating expenditure decreased by 13% to Rs 126 crore during March quarter as against Rs 144 crore during the corresponding period, last year. Gross margin, net of acquisition cost, stood at 3% in Q4 FY22 as compared to 3.7% in Q4 FY21.

On a full-year basis, the consolidated net profit fell 10% to Rs 836.48 crore on 18.7% decrease in total income to Rs 6,200.73 crore in the year ended March 2022 over the year ended March 2021.

The disbursements during FY21-22 stood at Rs 11,246 crore as compared to Rs10,445 crore in FY20-21, registering an increase of 8% Y-o-Y. Retail disbursements were at 97% of total disbursements in FY21-22.

Asset under Management (AUM) is at Rs 65,977 crore as on 31 March 2022 with retail book at 89% of the AUM compared to 84% as on 31 March 2021. Corporate AUM declined by 39% YoY to Rs 7,159 crore as on 31 March 2022 as compared to Rs 11,786 crore as on 31 March 2021. The decline in corporate AUM is primarily on account of sell down/accelerated payments and no new sanctions.

Gross Non-Performing Assets (NPA) at an AUM level is at 6.99% and 7.61% at loan assets as on 31 March 2022.

Total borrowings stood at Rs 53,221 crore as on 31 March 2022 as against Rs 59,942 crore as on 31 March 2022, registering a decline of 11.21% during the year. Total assigned loans outstanding as on 31 March 2022 was at Rs 9,088 crore as compared to Rs 12,214 crore as on 31 March 2021. No new loan assignment is done in FY22. The Deposit portfolio grew by 3.96% to Rs 17,807 crore as on 31 March 2022 from Rs 17,129 crore as on 31 March 2021.

The company's CRAR based on IndAS stood at 23.4% as on 31 March 2022, of which Tier I capital was at 20.7%.The risk-weighted assets as on 31 March 2022 stood at Rs 40,604 crore.

Meanwhile, the board of the company approved capital raise of up to Rs 2,500 crore via. issue of equity share on right issue on 9 March 2022.

As advised by various State and Central Government, PNB Housing Finance has complied with all the directives issued with respect to COVID-19. As on 31 March 2022, Rs 2,420 crore (i.e. 4.3% of loan asset) has been restructured under the RBI's resolution framework for COVID-19 related stress. Upto 31 March 2022, the company disbursed Rs 498 crore under Emergency Credit Line Guarantee Scheme (ECLGS).

Commenting on the Q4 performance, Hardayal Prasad, the managing director (MD) & CEO of PNB Housing Finance, said, “With the broader improvement in real estate sector demand, the company registered robust disbursement growth at 31% QoQ. The focus on retail segment led to the growth in the loan asset despite decline in the corporate loan asset during the quarter. Further, the concentrated efforts on recovery led to a decline of 27% in the retail segment GNPA. The company would continue to focus on its asset growth while improving asset quality.”

Shares of PNB Housing Finance fell 0.65% to Rs 388.35 on BSE. PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies.

The company provides housing loans to individuals for purchase, construction, repair, and upgrade of houses. Currently, it has 100 branches with presence in 70 cities, 40 outreach locations and 22 hubs and has also opened 29 new Unnati locations in Tier II and III cities during FY21-22.