PNB Housing Finance Q2 Results Review - Retail Assets Continue To Drive Growth: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.PNB Housing Finance Ltd.’s revamped business strategy of ‘Retailization’, focusing on scaling the retail mortgage business (prime + emerging + affordable), is progressing well, with 4% QoQ growth in retail loans and share of affordable and emerging market segments accounting for 31% of retail disbursement during Q2 FY25. Notably, incremental yields across retail products continued to exhibit an improving trend, evident in more than 10 basis points QoQ increase in Prime, >20 bps QoQ in emerging markets and >35 bps QoQ in affordable segment. Strong traction in affordable housing continued with AUM touching ~Rs 30 billion. Spread expanded 10 bps QoQ to 2.2% driven by an 8 bps QoQ drop in cost of fund (two credit rating upgrade in past two quarters) and 2 bps QoQ yield expansion to 10.05%. ~70% floating rate borrowing (bodes well during falling rate cycle), rising share of high yielding emerging + affordable and steady increase in disbursement yield would ensure PNB Housing Finance maintaining net interest margin at 3.65% versus its guided range of 3.5% during FY25. Retain Buy with a revised target price of Rs 1,200 (earlier Rs 1,010), valuing the stock at 1.75 times (1.5 times earlier) PBV Sep’25E..Click on the attachment to read the full report:.Piramal Pharma Share Price Jumps Over 8% As Q2 Net Profit Jumps Fivefold.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

PNB Housing Finance Q2 Results Review - Retail Assets Continue To Drive Growth: ICICI Securities

Sustained growth momentum, spread expansion and provision write-back led to multi-quarter high RoA at 2.5%, says the brokerage.

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PNB Housing Finance Q2 Results Review - Retail Assets Continue To Drive Growth: ICICI Securities

Sustained growth momentum, spread expansion and provision write-back led to multi-quarter high RoA at 2.5%, says the brokerage.

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