PNB Housing surges after strong Q2 numbers

PNB Housing Finance surged 11.48% to Rs 498 after consolidated net profit rose 45% to Rs 366.81 crore on a 23.3% increase in total income to Rs 2230.34 crore in Q2 September 2019 over Q2 September 2018.

The result was announced after market hours yesterday, 24 October 2019.

Net interest income registered a growth of 36% to Rs 628.4 crore in Q2 September 2019 as against Rs 462.8 crore in Q2 September 2018.

The spread on loans for Q2 September 2019 stood at 2.61% compared to 2.22% for Q2 September 2018.

Gross margin, net of acquisition cost, stood at 3.42% for Q2 September 2019. It added Rs 12 crore to steady state provision for unforeseeable macro-economic factors during Q2 September 2019.

GNPA stood at 0.84% of the loan assets as on 30 September 2019 against 0.45% as on 30 September 2018. Retail GNPA stood at 0.84% and Corporate GNPA stood at 0.83%. Net NPA stood at 0.65% of the loan assets as on 30 September 2019 against 0.35% as on 30 September 2018.

Asset under Management (AUM) stood at Rs 89,470.6 crore as on 30 September 2019 moved from Rs 73,481.5 crore as on 30 September 2018 registering a growth of 22% during the period with share of retail loans being 81% and corporate being 19% of the AUM.

Gross Non-Performing Assets (NPA) at an AUM level is at 0.73% as on 30th September, 2019.

PNB Housing Finance fixed deposit programme has been rated "FAAA" by CRISIL. The rating of "AAA" indicates 'high safety' with regards to the repayment of interest and principal.

Commenting on the performance Mr. Sanjaya Gupta, managing director said: "With testing times continuing for the sector, the company maintained its focussed approach towards contained business growth, portfolio quality and financial performance. As a prudent practice, the company created excess provisions out of the profits arising on account of corporate tax rate cut announced recently by the Government."

Meanwhile, the S&P BSE Sensex was up 121 points or 0.31% to 39141.75.

On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 1.40 lakh shares in the past two weeks. The stock hit a high of Rs 504.9 and a low of Rs 460 so far during the day.

The stock hit a 52-week high of Rs 1039.7 on 27 Nov 2018. The stock hit a 52-week low of Rs 371.9 on 17 Oct 2019.

PNB Housing Finance is a housing finance company. The company's asset base comprises of retail loans and corporate loans. The retail business focusses on organized mass housing segment financing for acquisition or construction of houses. Corporate loans are mainly to developers for construction of residential / commercial properties, corporate term loans and lease rental discounting. The company is a deposit taking housing finance company.

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