Consolidated Audited Financial Results for Q4 & FY2023-24 Ended 31st March 2024
Bengaluru– The Board of Directors of PNB Housing Finance Limited today approved the Consolidated audited Financial Results for the quarter and financial year ended 31st March 2024. The financial numbers are based on IndAS.
Key Highlights of the Financial Year 2024
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Successfully completed capital raise of INR 2,493.76 Crore through Rights Issue in May 2023.
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Retail Loan Asset grew by 14% YoY to INR 63,306 crore as on 31st Mar 2024, which is 97% of Loan Asset.
o Build INR 1,790 crore of Affordable book within 15 months of operation
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Loan Asset stood at INR 65,358 crore as on 31st Mar 2024 registering 10% growth YoY
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Strengthened pan India presence to 300 branches & outreaches
o Dedicated 160 branches for Affordable segment and 50 branches for Emerging Segment
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Gross NPA declined by 233 bps to 1.50% as on 31st Mar 2024 as compared to 3.83% as on 31st Mar 2023. Net NPA declined to less than 1% at 0.95% as on 31st March 2024
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Capital Risk Adequacy Ratio stood at 29.26% as on 31st March 2024; Tier I at 27.90%
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Profit after Tax is at INR 1,508 crore vs INR 1,046 crore registering an increase of 44% YoY.
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Net Interest Margin stood at 3.74% for FY24 as compared to 3.73% for FY23.
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Return on Asset is at 2.20% in FY23-24 as compared to 1.61% in FY22-23
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Certified as “Great Place to Work” by building a “High Trust, High Performance Culture”.
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India Ratings, ICRA and CARE upgraded the rating to “AA+” from “ AA”; Outlook “Stable”
Financial performance (Q4 FY23-24 vs Q3 FY23-24 and Q4 FY22-23)
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Net profit increased by 57% YoY and 30% QoQ to INR 439 crore
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Net Interest Income grew by 7% YoY and 6% QoQ to INR 632 crore
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Operating expenditure increased by 23% YoY and 6% QoQ to INR 176 crore primarily, on account of branch expansion and upgradation of IT infrastructure.
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Yield at 10.08% in Q4 FY24 as compared to 10.19% in Q3 FY24 and 10.41% in Q4 FY23.
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Cost of Borrowing at 7.98% in Q4 FY24 as compared to 8.07% (excluding one-off the CoB is 7.98%) in Q3 FY24 and 7.76% in Q4 FY23.
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Spread on loans is at 2.10% in Q4 FY24 as compared to 2.12% in Q3 FY24 and 2.65% in Q4 FY23.
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Net Interest Margin stood at 3.65% in Q4 FY24 as compared to 3.49% in Q3 FY24 and 3.74% in Q4 FY23. Gross Margin, net of acquisition cost, stood at 4.18% in Q4 FY24.
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Credit Cost at 4 bps in Q4 FY24 as compared to 34 bps in Q3 FY24 and 89 bps in Q4 FY23.
Financial performance (FY23-24 vs FY22-23)
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Profit after Tax is at INR 1,508 crore vs INR 1,046 crore registering an increase of 44% YoY.
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Net Interest Income stood at INR 2,516 crore compared to INR 2,346 crore registering a growth of 7%.
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Operating Expenditure is at INR 659 crore vs INR 520 crore registering an increase of 27%.
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Pre-provision Operating Profit stood at INR 2,125 crore as against INR 2,052 crore registering a growth of 4%. Excluding one off in FY22-23, Pre-provision Operating Profit registered a growth of 17%.
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ECL provision as on 31st Mar 2024 is INR 1,250 crore resulting in total provision to assets ratio at 1.91%. The Stage 3 Provision coverage ratio is at 37.4%.
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Spread on loans stood at 2.34% compared to 2.81% for FY22-23.
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Net Interest Margin stood at 3.74% as compared to 3.73% in FY22-23.
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Gross Margin, net of acquisition cost, is at 4.02% as compared to 4.06% in FY22-23.
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Credit cost for FY24 is at 0.25% as compared to 1.07% in FY22-23
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Return on Asset is at 2.20% as compared to 1.61% in FY22-23.
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Return on Equity at 10.90% as compared to 9.98% for FY22-23.
Business Operations
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The disbursements during FY23-24 grew by 17% YoY to INR 17,583 crore. For Q4 FY23-24 stood at INR 5,574 crore registering an increase of 24% YoY and by 35% QoQ.
o Retail disbursement grew by 19% YoY to INR 17,483 during FY23-24. In Q4 FY23-24, retail disbursements grew by 24% YoY and by 35% QoQ to INR 5,541 crore
o Disbursements in Affordable segment is ~10% of retail disbursements in FY24
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Loan Asset grew by 10% YoY and 5% QoQ to INR 65,358 crore as on 31st Mar 2024
o Retail loans grew by 14% YoY and 5% QoQ to INR 63,306 crore as on 31st Mar 2024. Within Retail, affordable loan asset is at INR 1,790 crore as on 31st March 2024
o Corporate loans are at INR 2,052 crore as on 31st Mar 2024, reduced by 46% as compared to 31st Mar 2023
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Asset under Management (AUM) grew by 7% YoY and 4% QoQ to INR 71,243 crore as on 31st Mar 2024
Distribution and Service Network
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The Company has 300 branches / outreach locations as on 31st Mar 2024:
o Affordable business presence expanded to 160 branches
o Dedicated 50 branches for Emerging Segment
o 90 branches for Prime segment
Asset Quality
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Gross Non-Performing Assets is at 1.50 % as on 31st Mar 2024 as compared to 3.83% as on 31st Mar 2023 and 1.73% as on 31st Dec 2023.
o Retail GNPA is 1.45% as on 31st Mar 2024 as compared to 2.57% as on 31st Mar 2023 and 1.67% as on 31st Dec 2023.
o Corporate GNPA is 3.31% as on 31st Mar 2024 as compared to 22.25% as on 31st Mar 2023 and 3.35% as on 31st Dec 2023.
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Net NPA stood at 0.95% as on 31st Mar 2024. NNPA in Retail segment is at 0.94% and in Corporate segment at 1.11%.
Capital to Risk Asset Ratio (CRAR)
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The Company’s CRAR based on IndAS stood at 29.26% as on 31st Mar 2024, of which Tier I capital is 27.90% and Tier II is 1.36% as compared 24.43% as on 31st Mar 2023, of which Tier I capital was 22.40% and Tier II was 2.03%.
Commenting on the performance Mr. Girish Kousgi, Managing Director & CEO said:
“During the Financial Year 2023-24, the Company made significant progress across various business and financial parameters. The completion of a successful fund-raise via Rights Issue underscores the confidence of our shareholders. Moreover, our expansion into high yielding affordable segment and the growth of our retail loan book showcases our commitment towards meeting diverse market needs. With the opening of new branches, we have not only expanded our reach but also strengthened our presence in tier II & III markets. We have witnessed a remarkable improvement in the asset quality, which reduced by 57% year-on-year. As we move ahead, we look forward with optimism that our fundamentals position us well to achieve the desired growth and profitability.”
