The Board of Directors of PNB Housing Finance Limited today approved the un-audited standalone Financial Results for the quarter and nine months ended 31st December, 2017. The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines.
Financial performance (Q3 FY17-18 vs Q3 FY16-17)
Net Interest Income registered a growth of 55% to INR 411 crore from INR 265 crore.
Profit after Tax increased by 58% to INR 217 crore from INR 138 crore.
The Spread on average loan assets is 2.50% and Net Interest Margin on the average interest-earning assets is 3.01%.
Financial performance (Nine Months FY17-18 vs Nine Months FY16-17)
Net Interest Income registered a growth of 62% to INR 1,141 crore from INR 702 crore.
Profit after Tax increased by 64% to INR 610 crore from INR 371 crore.
The Spread on average loan assets is 2.34% and Net Interest Margin on the average interest earning assets is 3.11%.
The cumulative provision for non-performing assets and standard assets is INR 48.6 crore and INR 279 crore respectively as on 31st December, 2017. During the nine months FY17-18, the Company made additional provision for contingencies of INR 36.5 crore. The cumulative provision for contingencies is INR 76 crore, over and above the provisions required to be maintained as per NHB Directions.
Disbursements increased by 68% to INR 24,455 crore in nine months FY17-18 from INR 14,592 crore in nine months FY16-17. Disbursements towards housing loan accounted for 67% and non-housing loan at 33%. Disbursement for Q3 FY17-18 is INR 9,276 crore.
Asset under Management (AUM) is at INR 57,668 crore as on 31st December, 2017 up from INR 37,745 crore as on 31st December, 2016 registering a growth of 53% during the period.
The Outstanding Loans Sold/Assigned amounted to INR 2,373 crore as on 31st December, 2017.
Loan Assets grew at a healthy rate of 61% YoY to INR 55,296 crore as on 31st December, 2017 of which Housing Loans consists of 69.7% and Non Housing Loans is 30.3%.
The Deposit portfolio grew by 22% to INR 10,668 crore as on 31st December, 2017 from INR 8,760 crore as on 31st December, 2016.
As on 31st December, 2017 the Company has 80 branches with presence in 44 unique cities and 21 Hubs. This includes 7 new branches made operational during the quarter. The Company also services the customers through 34 outreach locations.
Gross Non-Performing Assets (NPA) stood at 0.42% of the Loan Assets on books as on 31st December, 2017 against 0.37% as on 31st December, 2016.
Net NPA stood at 0.33% of the Loan Assets on books as on 31st December, 2017 against 0.27% as on 31st December, 2016.
Capital to Risk Asset Ratio (CRAR)
The Company’s CRAR as on 31st December, 2017 stood at 17.39%, of which Tier I capital was 13.33% and Tier II capital was 4.06%. As per the regulatory norms, the minimum requirement for the CRAR and Tier I capital is 12% and 6% respectively.
PNB Housing Finance Fixed Deposit programme has been rated “FAAA” by CRISIL and “AAA” by CARE. The rating of “FAAA” and “AAA” indicates ‘High Safety” with regards to the repayment of interest and principal. The Company’s Commercial Paper (CP) is rated at “A1(+)” by CRISIL & CARE and Non-Convertible Debenture (NCD) are rated at “AAA” by CARE, “AAA” by India Ratings, “AA+” by CRISIL and “AA+” by ICRA. Further the bank loans long term rating is rated at “AAA” by CARE and AA+ by CRISIL.
Commenting on the performance Mr. Sanjaya Gupta, Managing Director said:
“We continue to register strong growth across all the vectors in Q3 and nine months FY17-18. During the quarter, we expanded our Central Processing Centre to Mumbai, which will give us the flexibility to accelerate business while handling non-customer interface activities more efficiently and effectively. We have also set up a Document Digitization Centre, which is a true amalgamation of People, Processes and Technology.”