PNB Housing Finance's (PNBHF) 4QFY18 PAT grew robustly by 50% YoY toINR2.2b, but missed our estimate by 5%, largely due to higher-than-expected opex. Excluding one-off expense of INR130m related to securitization, PAT would have been largely in line with estimates. AUM grew 50% YoY/8% QoQ to INR623b. Interestingly, PNBHF sold downINR31b worth of loans during the quarter, taking the total off-BS loan book to INR52b (8% of AUM).Repayment rate (annualized) was 28.8% in 4QFY18v/s 24.4% in the year-ago period.