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Axis Securities Report
Can Fin Homes Ltd. reported strong set numbers in Q4 FY22 with the pick-up in loan growth led by higher disbursements, improved net interest margins due to higher yields, and robust asset quality.
Assets under management grew 21/6% YoY/QoQ, led by higher disbursements (up 35% YoY, up 23% QoQ).
However, a strong operating performance was dented by higher provisions of Rs 30 crore (ahead of our expectations of Rs 9 crore), thus dragging the bottom line.
Credit costs increased to ~47 basis points (versus 27 bps QoQ). This was primarily on account of standard provisions on loans disbursed in Q3 FY22 and the remainder on increasing coverage of ageing non performing asset loans.
Can Fin Homes' asset quality has been benign with gross non-performing assets of less than 1% and a strongly capitalised balance sheet.
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