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PNB Housing Finance Q4 Result Review: On Track To Achieve FY27 Business Goals; ICICI Securities Maintains Buy
ICICI Securities maintains Buy on PNB Housing Finance with an unchanged target price of Rs 1,200, valuing the stock at 1.6 times price-to-book value Sep’26E (earlier: 1.75x PBV Sep’25E).
29 Apr 2025, 10:45 AM IST 
PNB Housing Finance's net interest income grew 6% QoQ driven by 5% QoQ AUM growth and 5bps QoQ net interest margin expansion to 3.75% during Q4 FY25.
(Photo Source: Leohoho/ Unsplash)
Improving trajectory in earnings continued with PNB Housing Finance’s Q4 FY25 PAT growing 14% QoQ to Rs 5.5 billion and RoA at a multi-quarter high of 2.75%. Strong traction in high-yielding (emerging + affordable) segments contributed 25% of retail assets and 40% of retail disbursements in Q4FY25, provision write-backs (recovery of Rs 3.3 billion from w/off pool during FY25) and effective liability management led to consistent impro...
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