 "PNB Housing Fin Q3 net down 19% to Rs 188 crore on shrinking NII")
PNB Housing Finance Ltd’s (PNB HFC) net profit fell by 19 per cent year-on-year to Rs 188 crore in the third quarter ended December 2021 (Q3FY22) on shrinking net interest income (NII).
It had posted a net profit of Rs 232 crore in Q3FY21 and Rs 235 crore in the second quarter ended September 2021 (Q2FY22).
Its stock closed 1.06 per cent higher at Rs 487.35 per share on BSE.
Its Net Interest Income (NII) declined by 26 per cent at Rs 439 crore in Q3FY22 from Rs 590 crore in Q3FY21. Net Interest Margin was down at 2.7 per cent as compared to 3.2 per cent a year ago.
The Delhi-based housing finance firm’s disbursements declined by 12 per cent during Q3FY22 stood at Rs 2,828 crore, from Rs 3,203 crore in Q3 FY20-21. Retail disbursements were 97 per cent of the total disbursements in Q3FY22.
The asset under Management (AUM) shrunk to Rs 66,539 crore in December 2021 from Rs 77,769 crore a year ago. Sequentially, AUM declined by five per cent from Rs 69,810 crore in September 2021 (Q2FY22). The degrowth in AUM is primarily on account of sell down/accelerated payments and no new sanctions in the corporate book. Retail book contribute 88 per cent of the AUM, it said.
The gross non-performing assets (NPA) at 7.64 per cent in December 2021 (6.2 per cent in September 2021) and net 4.87 per cent in December 2021 (3.3 per cent in September 2021). Sequentially GNPA rose, clarification that the account that turned 90 plus Days Past Due (DPD) on any date will continue to be treated as a bad loan till all the overdue including principal and interest is paid. Reserve Bank of India issued clarification in November 2021.
The Company’s Capital Adequacy Ratio stood at 21.59 per cent with Tier I capital was 18.90 per cent as on December 31 2021.
HFC informed that its chief financial officer Kapish Jain has tendered his resignation. He is currently serving his notice period, which is upto April 7, 2022. Arrangements are being made to find a successor in place.
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