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Authors: JordanMumbai: PNB Housing Finance reported 44% growth in profit after tax during the fourth quarter of the financial year aided by loan demand, improvement in interest margin and lower operating expenses.
During the quarter, company reported profit after tax of Rs 219.2 crore against Rs 152.4 in the same period a year ago.
The board recommended final dividend of Rs 9 per equity share of Rs 10/- for the financial year.
Disbursement for the quarter rose 45% to Rs 8,740 crore.
The company sold loans worth Rs 3,128.5 crore under direct assignment route during the quarter.
Asset under management rose to Rs 62,252 crore.
“We saw growth coming in from all pockets, especially affordable, which comprises of 22% of the incremental lending,” said Sanjaya Gupta MD and CEO PNB Housing Finance.
Its net interest income- difference between interest earned and interest expended rose 36% to Rs 451.8 crore from Rs 332.7 crore.
For the quarter, spread was 2.29% and net interest margin was 3.00%.
“Improvement in margins have come in because of the full impact of IPO came in this year and lower operating expenses that fell to 0.68% from 0.73%,” said Gupta.
Asset quality remained stable with gross NPA at 0.33% and net NPA at 0.22% at the end of March 31, 2018.
The cumulative provision for NPA and standard assets is Rs 42.3 crore and Rs 281 crore as on 31st March, 2018.
During the year, the company made provision for contingencies of Rs 62.5 crore.
Return on Asset was at 1.54% compared to 1.46% a year ago.
“We are sitting on an AUM of upwards of Rs 60,000 crore and we should continue to grow at 1.7 times to 1.8 times the industry,” said Gupta.
For the financial year, the company reported 58% growth in PAT to Rs 829.4 crore.
Shares of the company fell 0.12% to Rs 1,414.35 on the BSE.
