PNB Housing Finance Q4 - Strong Earnings Beat Led By NIM Expansion, Benign Credit Costs: Motilal Oswal

Motilal Oswal Report

PNB Housing Finance Ltd. Q4 FY24 profit after tax grew ~57% YoY to ~Rs 4.4 billion (~20% beat), driven by net interest margin expansion of ~15 basis points QoQ. This net interest margin expansion, despite a sequential moderation in yields, was aided by-

1. the absence of any one-offs unlike the previous quarter, and

2. stable CoB.

Net interest income rose ~7% YoY to ~Rs 6.2 billion due to a gradual shift in mix toward retail.

Q4 FY24 disbursements grew 24% YoY to ~Rs 55.8 billion (+35% QoQ). Retail disbursements grew 24% YoY to Rs 55.4 billion (+35% QoQ). Affordable segment contributed ~10% to retail disbursements in FY24.

Total loan book grew ~10% YoY to ~Rs 653.6 billion. However, retail loans grew 14% YoY.

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