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PNB Housing Finance announces Consolidated Financial Results for Q2 and H1 FY 2018-19

Posted On: 2018-11-07 13:00:13

The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Financial Results for the quarter and half year ended 30 th September, 2018. The accounts have been subjected to a limited review by the Company's Statutory Auditors in line with the regulatory guidelines. As per the notifications issued by the Ministry of Corporate Affairs and National Housing Bank, the Company has adopted Indian Accounting Standards i.e. IndAS from 1st April 2018. The corresponding financial numbers are also based on IndAS.

Financial performance (Q2 FY18-19 vs Q2 FY17-18)

- Net Interest Income at INR 462.8 crore vs INR 368.8 crore registering a growth of 25%.
- Profit after Tax increased by 33% to INR 253.0 crore from INR 190.1 crore.
- The Spread on loans for Q2 FY18-19 stood at 2.22% compared to 2.27% for Q2 FY17-18.
- Net Interest Margin for Q2 FY18-19 stood at 2.72% compared to 3.01% for Q2 FY17-18.
- Gross Margin, net of acquisition cost, for Q2 FY18-19 stood at 3.15%.

Financial performance (H1 FY18-19 vs H1 FY17-18)

- Net Interest Income at INR 895.6 crore vs INR 706.8 crore registering a growth of 27%.
- Profit after Tax increased by 41% to INR 508.8 crore from INR 360.1 crore.
- The Spread on loans for H1 FY18-19 stood at 2.15% compared to 2.22% for H1 FY17-18.
- Net Interest Margin for H1 FY18-19 stood at 2.74% compared to 3.05% for H1 FY17-18.
- Gross Margin, net of acquisition cost, for H1 FY18-19 stood at 3.19%.
- The net worth as on 30th September, 2018 stood at INR 6,920 crore.
- The cumulative ECL provision as on 30th September, 2018 is INR 385 crore. In addition to the ECL provision, the Company has maintained INR 145.5 crore as a steady state provisions for unforeseeable macro-economic factors.

- Return on Asset is maintained at 1.47% on an average gearing of 8.89x against 6.77x during H1 FY17-18 resulting in expansion in Return on Equity to 15.45% for H1 FY2018-19 vis a vis 12.31% for H1 FY2017-18.

Commenting on the performance Mr. Sanjaya Gupta, Managing Director said: "Financial Sector volatility that started in H1 FY18-19 continue to exist in the market especially with respect to liquidity. We envisaged tighter liquidity scenario and maintained higher cash and liquid investments on our balance sheet all throughout H1 FY18-19 and also reduced our dependency on short term paper to 11.7% as of 30th Sept 2018 from 17.5% as of 31st March 2018. We continue to do our business with focus on asset quality, profitability and a balanced portfolio."

Shares of PNB Housing Finance Ltd was last trading in BSE at Rs.902.4 as compared to the previous close of Rs. 873.3. The total number of shares traded during the day was 57567 in over 2695 trades.

The stock hit an intraday high of Rs. 927.6 and intraday low of 884. The net turnover during the day was Rs. 51841659.

Source: Equity Bulls

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