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ICICI Securities Report
PNB Housing Finance Ltd.’s earnings at Rs 1.3 billion were down 45% QoQ due to higher provisioning and run-down in assets under management.
Reported stage-III (at 4.44%) settled near to Q3 FY21 proforma stage-III.
However, retail stage-II at 5.1%, corporate stage-II at 10% and restructuring of more than 2.7% can make the balance sheet vulnerable to incremental stress.
Strategically, business transformation is underway with a new agenda to-
- target mass retail housing, build high yield ‘Unnati’ portfolio;
- drive efficiency through cost management and digital drive; and
- strengthen the team and improve gearing.
This transition will moderate growth, though risk-adjusted return will be better over the medium term.
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