PNB Housing Finance Q4 - Business Transformation Underway: ICICI Securities
Apartment buildings. (Photographer SeongJoon Cho/Bloomberg)

PNB Housing Finance Q4 - Business Transformation Underway: ICICI Securities

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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-

  1. target mass retail housing, build high yield ‘Unnati’ portfolio;
  2. drive efficiency through cost management and digital drive; and
  3. strengthen the team and improve gearing.

This transition will moderate growth, though risk-adjusted return will be better over the medium term.

Click on the attachment to read the full report:

ICICI Securities PNB Housing Q4FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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