PNB Housing Finance Ltd.

NSE: PNBHOUSING | BSE: 540173 | ISIN: INE572E01012 |Industry: Housing Finance
|Turnaround Potential
363.90 3.75 (1.04%)
NSE Oct 19, 2020 15:31 PM
Volume: 101.6K

PNB Housing Finance Ltd.    
16 Jun 2020
Nirmal Bang Institutional
PNB Housing Finance (PNBHF) reported NII/PPOP 11%/6% below our estimate, respectively. NIM, at 2.61%, contracted by 57bps YoY and 37bps QoQ. Given the company's performance over the last few quarters amid rapidly deteriorating asset quality, we were already anticipating a weak quarter. However, the reported numbers have been weaker than our expectations. AUM declined by 3.4% QoQ to Rs833.5bn while on-book loan assets were down 10% YoY and 4% QoQ. In light of capital constraints and building up of asset quality pressures, PNBHF has been resorting to sell-downs. During FY20, the company sold down Rs23.1bn worth of corporate loan assets, which has helped shore up capital ratios without a meaningful profit accretion to the...
Number of FIIs/FPIs holding stock fell by 25 to 114 in Jun 2020 qtr.
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