Motilal Oswal's research report on PNB Housing
PNBHF’s 4QFY24 PAT grew ~57% YoY to ~INR4.4b (~20% beat), driven by NIM expansion of ~15bp QoQ. This NIM expansion, despite a sequential moderation in yields, was aided by 1) the absence of any one-offs unlike the previous quarter, and 2) stable CoB. NII rose ~7% YoY to ~INR6.2b due to a gradual shift in mix toward retail.4QFY24 disbursements grew 24% YoY to ~INR55.8b (+35% QoQ). Retail disbursements grew 24% YoY to INR55.4b (+35% QoQ). Affordable segment contributed ~10% to retail disbursements in FY24. Total loan book grew ~10% YoY to ~INR653.6b. However, retail loans grew 14% YoY.
Outlook
We expect PNBHF to deliver a CAGR of 17%/23% in AUM/PAT over FY24- FY26 and ~2.4%/13% RoA/RoE in FY26. Maintain BUY with a revised TP of INR1,015 (based on 1.4x FY26E BVPS).
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
