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Nirmal Bang Report
PNB Housing Finance Ltd. reported another weak quarter with loan book declining by 1.9% QoQ due to corporate asset sell-downs.
As per the management, PNB Housing Finance is now past the corporate asset down-sizing and it may look to grow this segment from current levels. Net interest income was weak as net interest margin contracted sharply by 68 basis points YoY and 23 bps QoQ on account of multiple factors-
reduction in high-yielding corporate assets,
reversal in slippage of a large corporate account,
downward re-pricing of retail loans.
Although asset quality improved sequentially, it continues to be a challenge with gross stage-III assets at 8.12% of total loans.
The corporate non-performing assets increased to 37%. Retail NPAs, though down QoQ, remained at fairly elevated levels when compared to peers.
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