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Motilal Oswal Report
PNB Housing Finance Ltd. reported a profit after tax of Rs 2.4 billion in Q1 FY22 (versus Rs 2.6 billion YoY).
The 45% beat was driven by lower-than-estimated credit costs and opex.
Asset quality deteriorated with gross stage- III increasing by 155 basis points QoQ to 6%.
Few corporate accounts in stage-II and under the significant increase in credit risk pool slipped into non performing assets.
Total restructured pool (under both one-time restructuring 1.0 and 2.0) stood at Rs 17.33 billion (~2.9% of loan assets).
PNB Housing Finance is working on different initiatives to optimise costs, leverage digital solutions to improve processes across underwriting, collections, and originations, and reduce the proportion of corporate loans in its assets under management mix.
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