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Yes Securities Report
Aptus Value Housing Finance Ltd. delivered a miss of 5-6% on net interest income/pre-provision operating profit and 2% on earnings versus our expectations.
Aptus Value's performance in the quarter was characterised by-
mildly lower than expected disbursements but largely in-line assets under management growth,
sustained lower balance transfer out,
decline in portfolio spread on sluggish income growth (both yields and fees were soft) and increase in cost of fund,
restrained opex growth on lower employee cost (lesser variables and a few senior people exits),
marginal increase in delinquency buckets/non-performing loans which was largely seasonal,
negligible credit cost with meaningful bad debts recoveries and
sustenance of strong return ratios (return on asset/return on equity at 8.2%/16.9%).
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