1. Opening Hook
RBI cut rates, EMIs dropped, and fence-sitters suddenly remembered they “always wanted to buy a house.” Convenient timing. While home prices quietly climbed 10–15%, management insists affordability is totally fine, thanks to repo cuts doing the heavy lifting.
PNB Housing Finance Limited used the quarter to polish its retail-growth story, downplay affordable hiccups, and softly reintroduce construction finance—now with better policies, apparently.
GNPA behaved, ROA smiled, and credit costs turned negative (yes, negative). Somewhere in the background, an old corporate loan was declared fraud—after being written off years ago. No impact, they swear.
Read on. The interesting bits are hidden between “stable,” “calibrated,” and “industry-wide challenge.”
2. At a Glance
- Retail loan book up 16% YoY – Growth intact, despite affordable taking a breather.
- Total loan book ₹82,203 cr – Corporate book now a rounding error by design.
- NIM at 3.63% – Held steady with rate cuts doing their magic.
- ROA 2.57% (9M annualised) – Management visibly proud of this number.
- GNPA 1.04% – Right on target, no drama (for now).
- PAT
- ₹520 cr (+7.7% YoY) – Growth, but without fireworks.
3. Management’s Key Commentary
“RBI has delivered a cumulative 125 bps cut in 2025.”
(Translation: Our NIM survived because RBI did the work 😏)
“Affordable disbursement declined due to recalibration in select geographies.”
(Translation: Tamil Nadu misbehaved, so we pulled the handbrake.)
“Delinquencies are within industry benchmarks.”
(Translation: Yes, they rose. No, please don’t panic.)
“We aim to keep GNPA between 1%–1.1%.”
(Translation: This is the only asset-quality slide we want you to remember.)
“We will start Construction Finance in a calibrated manner.”
(Translation: We’re back, but this time it’s different… trust us.)
“Emerging & Affordable will be 45–50% of the book.”
(Translation: Higher yield, higher risk—pick your favourite.)
4.
