PNB Housing Finance Q2 & H1 FY2023-24: Key highlights and financial insights

The board at PNB Housing Finance Limited unveiled their consolidated unaudited financial statistics for the term concluding on September 30, 2023. These figures, aligned with IndAS principles, underwent a restricted examination by the company’s official auditors, as mandated by current regulatory frameworks.

Key Financial Highlights

• NPA Performance: Gross NPA witnessed a marked dip, dropping 197 bps to touch 1.78% by September 30, 2023. This is in stark contrast to its standing at 3.76% on June 30, 2023.
• Loan Asset Dynamics: As of September 30, 2023, Retail Loan Asset surged by 12% YoY, amassing INR 58,471 Crore, which constitutes 96% of total Loan Asset. The consolidated Loan Asset positioned itself at INR 60,852 crore, marking a 5% YoY ascent.
• Capital Adequacy Ratio (CRAR): As of September 30, 2023, the CRAR was firmly placed at 30.38%, with Tier I capital accounting for 28.50% of this figure.
• Ratings: Both ICRA & CRISIL transitioned their outlook from ‘Stable’ to ‘Positive’ in Q2 FY24, maintaining their rating at “AA”.

Delving into Financial Performance

For Q2 FY23-24 in contrast with Q2 FY22-23 and Q1 FY23-24:

• Net Interest Income soared by 2% YoY and 5% QoQ, reaching INR 661 crore.
• Operating costs escalated by 24% YoY and 12% QoQ, culminating in INR 168 crore.
• PBT and PAT amplified by 49% YoY and 14% QoQ (INR 507 crore) and 46% YoY and 10% QoQ (INR 383 crore) respectively.

In the scope of H1 FY23-24 compared to H1 FY22-23:

• Post-tax profit stood at a robust INR 730 crore, signifying a 47% YoY progression.
• Net Interest Income summed up to INR 1,289 crore, marking a 27% growth trajectory.
• Operating expenses rose by 25% YoY, amounting to INR 317 crore.
• Pre-provision Operating Profit noted a 12% upswing, registering at INR 1,059 crore.

PNB Housing Finance Business Operations and Distribution Network

For H1 FY24, the company’s total disbursements leapt by 12% YoY, settling at INR 7,866 crore. The Loan Asset experienced a 5% YoY increment, totalling INR 60,852 crore by September 30, 2023.

On the distribution front, the firm boasts 200 branches/outreach venues, with its affordable enterprise arm extending its reach to 89 branches by the end of September 2023.

“During the first half of the financial year, we have witnessed progress across key business parameters like Growth, Asset Quality and Profitability… As we look forward, we are confident of our ability to maintain this momentum and continue the growth trajectory in the fiscal year. We will continue to strive for excellence,” commented Girish Kousgi, Managing Director & CEO of PNB Housing Finance.