PNB Housing Finance Q4 Results: Check net profit, total income, interest income and more

PNB Housing Finance on Thursday reported a 33 percent jump in its net profit to Rs 170 crore in quarter ended March 2022. The housing finance company (HFC) had posted a net profit of Rs 127 crore in the same quarter a year earlier.

Total income during the last quarter of 2021-22 ended in March, however, fell to Rs 1,425.83 crore from Rs 1,833.90 crore in the same quarter of 2020-21 as the interest income was down, PNB Housing Finance said in a regulatory filing.

The company's interest income in Q4FY22 was lower at Rs 1,299.48 crore, as against Rs 1,670.14 crore in Q4FY21.

Net interest income was down by 37 per cent at Rs 377 crore from Rs 593 crore.

"During Q4FY2021-22, there is a net income reversal of Rs 58 crore on derecognized loans due to unwinding impact of spread contraction and run offs whereas during Q4FY2020-21, there was a net positive impact of Rs 58 crore on derecognized loans due to fall in assignees' MCLR in Q4FY21-22, " it said in a release.
There is an IndAS (Indian Accounting System) adjustment resulting in net interest income reversal of Rs 70 crore.

During the quarter, its disbursements grew by 31 per cent from the preceding quarter to Rs 3,698 crore but were down by 10 per cent year-on-year from Rs 4,103 crore as in March 2021 quarter.

The gross non-performing assets (NPAs) were down by 1.4 per cent from December 2021 quarter at retail level to 3.56 per cent at end March 2022, it said.
Net NPA stood at 4.49 per cent of the loan assets by March 2022 as compared to 4.87 per cent by December 2021.

For the full fiscal year 2021-22, the housing financier reported a decline of per cent in its net profit at Rs 836.48 crore, from Rs 929.90 crore in previous fiscal year.

Total income during the year was also lower at Rs 6,200.73 crore from Rs 7,624.08 crore. Net interest income was down by 20 per cent at Rs 1,869 crore compared to Rs 2,322 crore.

The disbursements during the year witnessed a growth of 8 per cent at Rs 11,246 crore as against Rs 10,445 crore in previous fiscal year. Retail disbursements were 97 per cent of total disbursements in 2021-22, PNB Housing Finance said.

Its asset under management (AUM) stood at Rs 65,977 crore as of end March 2022 with retail book comprising 89 per cent of the AUM compared to 84 per cent by end of March.

Corporate AUM declined by 39 per cent from a year ago to Rs 7,159 crore from Rs 11,786 crore.

The decline in corporate AUM is primarily on account of sell down/accelerated payments and no new sanctions, it added.

With 100 branches across 70 cities, 40 outreach locations and 22 hubs, the company said it opened 29 new Unnati locations in tier 2 and 3 cities during the fiscal ended March 2022. Unnati is its affordable housing portfolio with focus on loan ticket size of Rs 15 lakh. The company said it will strengthen distribution network with increased presence in tier II and III cities under Unnati.

The board of directors of the company also approved to raise up to Rs 2,500 crore equity by issue equity share on right issue on March 9, 2022.

"With the broader improvement in real estate sector demand, the company registered robust disbursement growth at 31 per cent QoQ.

"The focus on retail segment led to the growth in the loan asset despite decline in the corporate loan asset during the quarter. Further, the concentrated efforts on recovery led to a decline of 27 per cent in the retail segment GNPA. The company would continue to focus on its asset growth while improving asset quality," Hardayal Prasad, Managing Director & CEO said.

PNB Housing Finance shares ended at Rs 390.90 apiece on BSE, up 0.62 per cent.

The company promoted by state-owned lender PNB said its board of directors at the meeting appointed Atul Kumar Goel, the Managing Director and Chief Executive Officer (MD&CEO) of Punjab National Bank (PNB) as a nominee director on its board.

Goel has been appointed as an additional director in the capacity of nominee non-executive director of the company, PNB Housing said.