New Delhi (Global News) The Board of Directors of PNB Housing Finance Limited has approved the Consolidated Unaudited Financial Results for the quarter and nine months ended 31st December 2020. The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines.
The financial numbers are based on IndAS.
Financial performance (Q3 FY20-21 vs Q3 FY19-20)
Total Revenue of INR 1,896 crore vs INR 2,075 crore registering a decline of 9%.
Operating Expenditure declined by 26% to INR 100 crore vs INR 135 crore.
Pre provision Operating Profit increased by 15% to INR 550 crore vs INR 479 crore.
Profit after Tax is maintained at INR 232 crore vs INR 237 crore.
Spread stood at 2.90% as compared to 2.53%.
Net Interest Margin stood at 3.2% as compared to 3.0%.
Gross Margin, net of acquisition cost, stood at 3.5% compared to 3.0%.
Financial performance (9M FY20-21 vs 9M FY19-20)
Total Revenue at INR 5,790 crore vs INR 6,538 crore registering a decline of 11%.
Operating Expenditure at INR 311 crore vs INR 408 crore registering a decline of 24%.
Pre provision Operating Profit reduced by 6% to INR 1,530 crore from INR 1,635 crore.
Profit after Tax is at INR 803 crore vs INR 888 crore registering a decline of 10%.
The Spread on loans stood at 2.8% compared to 2.6%. Excluding the net positive impact of
securitization, Spread for 9M FY20-21 is 2.6% vs 2.1% for 9M FY19-20.
Net Interest Margin is maintained at similar levels of 3.1%
Gross Margin, net of acquisition cost, is at 3.2% compared to 3.3% YoY.
The ECL provision as on 31st December 2020 is INR 2,243 crore resulting in total provision to assets
ratio at 3.5%. The total and Stage 3 provision coverage ratio is at 131% and 47% respectively.
Return on Asset is maintained YoY at 1.4% during 9M FY20-21.
Gearing as on 31st December 2020 is 7.3x compared to 8.5x as on 31st December 2019.
Return on Equity at 12.8% for 9M FY20-21 vis a vis 15.0% for 9M FY19-20.
Regd. Office: 9th Floor, Antriksh Bhavan, 22 Kasturba Gandhi Marg, New Delhi – 110 001
Phone: 011 – 23736857, E-mail: loans@pnbhfl.com, Website: www.pnbhfl.com
CIN: L65922DL1988PLC033856
2 Business Operations
The disbursements stood at INR 3,203 crore (Retail INR 3,156 crore) during Q3 FY20-21 compared to INR 2,444 crore (Retail INR 2,296 crore) during Q2 FY20-21 and INR 3,196 crore (Retail INR 2,758 crore) during Q3 FY19-20. The disbursements during the quarter witnessed steady pick up, primarily in the retail segment, which grew by 14% over Q3 FY19-20.
Asset under Management (AUM) is at INR 77,769 crore as on 31 st December 2020. Retail Loans contribute 83% and Corporate loans reduced by one percent on account of sell down/accelerated payment/schedule repayment to 17% of the AUM.
Loan Assets stood at INR 64,584 crore as on 31st December 2020 from INR 69,194 crore as on 31st December 2019.
Distribution and Service Network
As on 31st December 2020, the Company has 94 branches with presence in 64 cities and 22 Hubs.
The Company also services the customers through 17 outreach locations.
Asset Quality
Gross Non-Performing Assets (NPA) at an AUM level is at 2.26% while it is 2.64% at Loan Assets
as on 31
st December 2020. Proforma GNPA is at 4.5%.
Net NPA stood at 1.41% of the Loan Assets as on 31st December 2020.
Borrowings
Total borrowings are at INR 64,131 crore as on 31st December 2020 from INR 70,559 crore as on 31st December 2019 registering a decline of 9%.
The Deposit portfolio is maintained at INR 16,512 crore as on 31st December 2020 as compared to INR 16,470 crore as on 31st December 2019.
Total assigned loans outstanding as on 31st December 2020 is at INR 13,186 crore as compared to INR 17,103 crore as on 31st December 2019 registering a decline of 23%.
Capital to Risk Asset Ratio (CRAR)
The Company’s CRAR based on IndAS stood at 20.06% as on 31st December 2020, of which Tier I capital was 17.42% and Tier II capital was 2.64%.
The risk-weighted assets as on 31st December 2020 stood at INR 49,033 crore.
Commenting on the performance Mr. Hardayal Prasad, Managing Director & CEO said:
“With focus on retail segment, the Company achieved 14% growth in retail disbursements in Q3 FY21 as compared to Q3 FY20. The Company has also registered substantial reduction in its cost of borrowing resulting in 20 basis point increase in the Net Interest Margin to 3.2% in Q3 FY21
3 compared to 3.0% in Q3 FY20. Post RBI moratorium, the Company witnessed an impact on collection efficiency however, the situation is improving and with various measures under taken, we expect to reach pre-Covid efficiency levels in near term. The Company has set out its new agenda with focus upon Strengthening the core, Driving efficiency and Accelerating Growth. These are built upon 7 core pillars viz Management, Capital Position, Risk
Management, Cost Management, Digital Drive, Retail Focussed Lending and Grow Affordable Housing.”