Home First Finance Q3 Results Review- Earnings Inline Despite NIM Compression; BT-Outs Moderate: Motilal Oswal

Motilal Oswal Report

Home First Finance Company Ltd. Q3 FY24 profit after tax grew 35% YoY to Rs 788 million (in line), while its 9M FY24 PAT rose ~35% YoY to Rs 2.2 billion.

Net interest income rose ~21% YoY to Rs 1.34 billion in line. Non-interest income 25% beat jumped 140% YoY, led primarily by higher assignment income and treasury income.

Home First Finance's opex (in line) grew 38% YoY to Rs 611 million while pre-provision operating profit grew ~35% YoY to Rs 1.1 billion.

Credit costs of Rs 70 million (in line) translated into annualised credit costs of ~30 basis points (previous quarter: ~40 bp).

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