PNB Housing Finance (PNBHOUSING) Q4 24/25 earnings summary

Executive summary

• Retail loan book grew 18.2% year-over-year, with total loan assets reaching INR 76,765 crore as of March 2025; affordable segment up 183% year-over-year to INR 5,070 crore.

• Disbursements rose 26% year-over-year, with affordable/emerging segments contributing 40% in Q4; total disbursements for FY25 were INR 21,972 crore.

• Asset quality improved: Gross NPA at 1.08% and Net NPA at 0.69% as of March 2025.

• Profit after tax increased 28.4% year-over-year to INR 1,936 crore; ROA improved to 2.55%.

• Board recommended a dividend of INR 5 per equity share for FY25, subject to approval.

Financial highlights

• Net interest margin improved to 3.75% in Q4 FY25; annual NIM at 3.70%.

• Net interest income up 9.3% year-over-year to INR 2,750 crore; non-fund income up 39.5%.

• Operating profit rose 9.5% year-over-year to INR 2,327 crore; pre-provision operating profit at INR 646 crore.

• Cost of borrowing declined by 15 bps year-over-year to 7.84%.

• AUM reached INR 80,397 crore (+13% YoY); deposits at INR 17,642 crore.

Outlook and guidance

• FY26 guidance: 18% retail loan growth, affordable loan book to reach INR 9,500 crore, corporate disbursement INR 1,500–2,000 crore.

• NIM expected to remain stable at 3.6–3.65%; ROA guided at 2.5–2.6%.

• Continued branch expansion and digital transformation to drive operational efficiency.

• Credit costs expected to remain negligible in FY26 due to continued recoveries.

• By FY27, affordable and emerging segments targeted to reach 40% of the mix.