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Analyst Meet / AGM
26-Oct-17
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Conference Call
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PNB Housing Finance
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Maintains loan growth guidance of 1.5 times of industry growth
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PNB Housing Finance conducted a conference call on 25 October 2017 to discuss the financial performance for quarter ended September 2017. Sanjaya Gupta, MD of the company addressed the call:
Highlights:
- The company has continued to post strong growth in net profit to at 51% to Rs 208 crore from Rs 138 crore with 69% jump in Net Interest Income to Rs 386 crore in Q2FY2018.
- The company has improved The spread on average loan assets to 2.42% and Net Interest Margin on the average interest earning assets to 3.15% in Q3FY2018. The company has continued to guide at spreads of 2.1-2.25%.
- The loan book of the company continued to expand at strong pace of 51% to Rs 48749 crore end September 2017 over September 2016 with 45% jump in loan disbursements to Rs 7385 crore in Q2FY2018.
- Housing Loans consists 70.6% and Non Housing is 29.4% of loan book end September 2017. Within in housing loan book, the individual loan accounted for 58.8% and construction finance for 11.8% of overall loan book. Within non-housing loan book, the LAP book accounted for 16% and LRD and others for 13.4% of overall loan book end September 2017.
- The company expects home loans industry growth of 16-17% in FY18, with housing finance companies growing 18-19% and bank 15-16%. The company has maintained the loan growth guidance of 1.5 times industry growth.
- The company expects to raise the share of affordable housing segment in the home loan portfolio with rising presence in Tier II cities.
- As per the company, about 21 states out of 29 states have started RERA registration, but the projects registration is slow causing impact on disbursements. However, the company expects growth to pick up as the situation normalizes over next few quarters.
- The company expects the loan ticket size to decline to Rs 26-27 lakh in next couple of years.
- The bank has exhibited sharp decline in cost of borrowings 7.77% in Q2FY2018 from 8.71% in Q2FY2017.
- The deposit book of the company increased 33% to Rs 10405 crore, accounting for 23.1% of overall borrowings of the company end September 2017.
- The company has network of 73 branches with presence in 41 unique cities and 21 Hubs. This includes 7 new branches made operational during Q2FY2018. The Company also services the customers through 29 outreach locations. The company proposes to open 23 new branches and 4 hubs in FY2018.
- The company has improved GNPA ratio to 0.34% and NNPA ratio to 0.26% end September 2017.
- The five large retail NPA account that turned NPA in Q1, of which 4 have been rolled back to standard category in Q2FY2018. The balance one account can be rolled back in next two-three quarters.
- The company would focus on growth with network expansion, reduction in expense ratio and strong asset quality.
- The capital adequacy ratio of the company stood at 18.38% with Tier 1 ratio at 13.99% end September 2017.
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