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Prabhudas Lilladher Report
Can Fin Homes Ltd. saw yet another good quarter with a positive surprise on loan growth, net interest income and asset quality. Credit accretion was ~21% YoY (our estimate: 19%) as disbursals were highest ever at Rs 27 billion.
Business momentum was again driven by salaried housing (up 20% YoY). While repayments seem higher, Can Fin Homes suggested that they were in the normal course as competitive intensity has reduced.
Guidance for FY23 loan growth/disbursals is ~20%. As guided, net interest margin continues to improve and even after adjusting for the positive carry on account of liquidity coverage ratio it enhanced by ~10 basis points QoQ.
Commercial paper share contracted from 19% in March 2021 to 11%. Overall asset quality improved sequentially.
Gross non-performing asset reduced YoY due to higher resolutions while the restructured and stage-II pool also declined QoQ led by stronger collection efficiency.
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