PNB Housing Finance (PNBHF)'s operating performance remained strong in 2QFY18, with net profit up 51% YoY, driven by robust AUM growth of 47%. Disbursement growth came in at 45% YoY while the loan book increased 51%, driven by growth in the developer book (59% YoY/18% QoQ) and individual home loans (47% YoY/11% QoQ), while LAP book growth stood at 38% YoY/12% QoQ. Margins expanded 39bps YoY to 3.15% in 2QFY18, driven by a 94bps YoY decline in funding costs and a change in the loan mix towards developer book, LRD and Corporate Term Loan. PNBHF's asset quality remained stable with gross NPLs of 0.34%, while its coverage ratio stood at 24% (vs. 32% in 2QFY17). With aggressive lending...