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ICICI Securities Report
PNB Housing Finance Ltd.'s Q4 FY22 earnings delivery was weak and lower than expected as profit after tax plunged a further 10% QoQ to Rs 1.7 billion (up 33% YoY on a low base).
Net interest income contracted 37% YoY / 14% QoQ as net interest margins fell 96 basis points YoY / 34 bps QoQ due to spread contraction, Indian-accounting standard adjustments and de-recognition of securitisation income.
Slippage of one chunky developer account of Rs 6.6 billion was offset by corresponding improvement in retail gross non-performing assets, and stage-III was stable QoQ.
On retail stress (stages-II/III) pool of 7.8%, PNB Housing Finance carries expected credit loss provision of 2%.
On corporate stress pool of 37.4%, it has ECL provision of 22%. Cumulative, on overall loans, ECL provisions improved a tad to 4.42% (versus 4.31%) and credit cost was contained at 100 bps.
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