PNB Housing Finance Q3 Results Review - NIM Expansion, Controlled Opex Aid Decent Performance: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.PNB Housing Finance Ltd. reported a healthy Q3 FY23 with profit after tax growth of 43% YoY to ~Rs 2.7 billion (24% beat). This was driven by ~55 bps QoQ expansion in margin and lower CIR of ~16%. The nine months FY23 PAT rose 15% YoY to ~Rs 7.7 billion. Net interest income jumped 73% YoY to Rs 7.2 billion aided by slower increase in cost of fund, quicker transmission of interest rates to customers and net positive impact of ~Rs 790 million from the assigned loan pool. Pre-provision operating profit surged 76% YoY to Rs 6.74 billion. Asset quality improvement was driven by decline in both retail and corporate gross non-performing asset. Total gross/net non-performing asset stood at ~4.9%/3.2% (% of loan assets) and declined 120 bps/50 bps QoQ, respectively.Under the new leadership, the company has set-up a dedicated affordable housing vertical and we believe that there will now be renewed focus on both the prime and affordable segments. Excluding any one-offs in spreads/ margins, we believe that PNB Housing Finance has levers to exhibit a net interest margin improvement through product diversification and potential decline in borrowing costs after the successful completion of its rights issue..Click on the attachment to read the full report:.Poonawalla Fincorp Q3 Results Review - Steady Performance; Sequential NIM Expansion Of 30 Bps: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

PNB Housing Finance Q3 Results Review - NIM Expansion, Controlled Opex Aid Decent Performance: Motilal Oswal

PNB Housing Finance reported a healthy Q3 FY23 with profit after tax growth of 43% YoY to ~Rs 2.7 billion.

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