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Yes Securities Report
Home First Finance Company Ltd. surprised pleasantly on growth momentum as well as on the extent of asset quality improvement in Q4 FY22.
Disbursements at Rs 6.4 billion (estimate of Rs 6 billion) were higher 12% QoQ/42% YoY and drove a stronger-than-estimated assets under management growth of 8% QoQ/30% YoY.
Portfolio run-off was materially higher QoQ on stronger collections (sizeable correction across delinquency buckets) and seasonally higher balance transfer out (annual trend largely unchanged).
While Home First Finance's net interest income was impacted by lower dearness allowance income, it still grew by 7% QoQ/30% YoY.
Portfolio spread was stable at 5.6% with incremental lending yield at 13% and marginal cost of borrowing at 5.8%/7.5% with/without National housing bank refinance.
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