The net profit of PNB Housing Finance rose 26% year-on-year in October-December due to a growth in assets under management. The housing finance company posted a bottomline of Rs 338 crore in the quarter under review.
Loan assets rose 7% year-on-year to Rs 62,337 crore as on December 31. Retail loan assets rose 13% to Rs 60,129 crore. In line with the company’s strategy, corporate loans fell 55% to Rs 2,208 crore as on December 31.
Asset under management rose 4% year-on-year to Rs 68,549 crore as on December 31. Disbursements rose 21% year-on-year to Rs 4,143 crore in the December quarter. Retail disbursements grew by 22% to Rs 4,110 crore in the quarter under review.
The affordable segment surpassed a disbursement and loan book of Rs 1,000 crore, contributing 8% to the retail disbursement as on December 31. Net interest income excluding one-off remained flat at Rs 622 crore on a sequential basis due to gradual shift in mix towards retail, the company said in a press release.
Net interest income fell 19% year-on-year and 10% sequentially to Rs 595 crore in the December quarter. Net Interest Margin stood at 3.49% and excluding one-off is at 3.65%. Gross Margin, net of acquisition cost, stood at 3.79% in October-December.
Yield fell to 10.19% in the December quarter from 11.38% a year ago. Excluding the one-off, yield stood at 10.29% in the December quarter. Gross non-performing asset ratio fell to 1.73% as on December 31 from 4.87% a year ago.
Retail gross non-performing asset ratio fell to 1.67% as on December 31 from 2.86% a year ago. Corporate gross non-performing asset ratio fell to 3.35% as on December 31 from 26.61% a year ago.
“We continue to focus on the affordable segment and in process of identifying geographies/segments within the prime segment that offer better yields and growth,” says Girish Kousgi, managing director and chief executive officer.
“As we expand into newer geographies/segment, we plan to increase our network of branches /outreaches from 212 currently to 300 over the next few months,” he added.