PNB Housing Finance reported a 57.28% year-on-year growth in its consolidated net profit for the quarter ended March 31, 2024 at INR 439.25 crore. Consolidated net total income grew 10.76% to INR 1,813.97 crore. Retail loan assets grew 14% year-on-year to INR 63,306 crore as of March 31, 2024, accounting for 97% of total loan assets. Gross and net NPAs declined significantly year-on-year to 1.50% and 0.95% respectively. Key asset quality metrics showed significant improvement during the year. The company is well capitalized with a CRAR of 29.26% as of March 31, 2024, positioning it well for further growth in the coming fiscal year.
PNB Housing Finance reported a 57.28% year-on-year growth in its consolidated net profit for the quarter ended March 31, 2024. Net profit stood at INR 439.25 crore in Q4 FY24, compared to INR 279.28 crore in the corresponding quarter of the previous fiscal year.
Consolidated net total income for Q4 FY24 was INR 1,813.97 crore, a 10.76% increase from INR 1,637.72 crore in the same quarter last year. During the quarter, the company allotted 42,708 equity shares at INR 10 each to employees who exercised stock options or restricted stock units.
As of March 31, 2024, the company's net worth was INR 14,932.27 crore. Debt-equity ratio was 3.69, total debt to total assets ratio was 0.76, and net profit margin was 24.58%. Gross non-performing assets (NPAs) were 1.50% and net NPAs were 0.95%.
Retail loan assets grew 14% year-on-year to INR 63,306 crore as of March 31, 2024, accounting for 97% of total loan assets. Loan assets stood at INR 65,358 crore as of March 31, 2024, registering 10% annual growth. Gross NPAs declined 233 bps to 1.50% compared to 3.83% as of March 31, 2023. Net NPAs declined nearly 19% to 0.95%.
As of March 31, 2024, CRAR based on IndAS was 29.26%, with Tier I capital at 27.90% and Tier II at 1.36%, compared to 24.43% as of March 31, 2023. ECL provision was INR 1,250 crore, resulting in a total provision to assets ratio of 1.91%. Stage-III provision coverage ratio was 37.4%.
Disbursements in FY24 grew 17% year-on-year to INR 17,583 crore. For Q4 FY24, disbursements stood at INR 5,574 crore, a 24% annual and 35% quarterly increase. Asset under Management (AUM) grew 7% year-on-year and 4% quarter-on-quarter to INR 71,243 crore as of March 31, 2024.
Overall, PNB Housing Finance delivered a strong set of results for the fourth quarter and full year ended March 31, 2024, with healthy growth in net profit, total income and retail loan assets. Key asset quality metrics showed significant improvement during the year. The company is well capitalized with a CRAR of 29.26% as of March 31, 2024, positioning it well for further growth in the coming fiscal year.
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