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PNB Housing Finance – Soft Q3FY2026
22 Jan 2026, 11:24AM

  • Net interest income (NII), in line with estimates, growing by 11.0% y-o-y and 2.1% q-o-q to Rs. 767 crore. NIM declined by 11/3 bps (y-o-y/q-o-q) to 3.73% (as a % of loans) due to faster declined in the yield than cost of funds. Yield (reported) at 9.72% in Q3FY26 vs 9.95% in Q2 FY26 driven by a reduction in corporate book and change in the repo rate. Cost of Borrowing (reported)  reduced to 7.50% in Q3FY26 vs 7.69% in Q2 FY26
  • PPOP, below estimates, up by 8.4% y-o-y and dropped by 2.9% q-o-q due to higher Opex and lower other income growth. Other income at Rs. 101 crore, up by 7.0% y-o-y and dropped by 10.5% q-o-q. Opex, above estimates, up by 16.7% y-o-y and 10.5% q-o-q to Rs. 240 crore.
  • Credit cost stayed benign coming at Rs. - 40 crore (negative). Despite benign credit cost, Higher opex and lower other income caused for below estimates profitability by 5.8%. Overall, PAT came at Rs. 520 crore, up by 7.7% y-o-y, however down by 10.5% q-o-q. RoA at 2.4% in Q3FY26, dropping by 12 bps y-o-y and 33 bps q-o-q. 
  • Asset quality improved on yearly basis, with GNPA reduced by 15 bps to 1.04% though it was stable on sequential basis.
  • Retail AUM saw a growth of 15.9% yoy and 3.1% q-o-q. Total AUM saw a moderated growth of 12.0% y-o-y and 2.6% q-o-q to Rs. 86048 crore due to lower growth of 8% in the prime segment and decline in corporate loan book. The company’s key focused segments affordable and emerging loans grew by 86% and 20% y-o-y and 9.3% and 4.2% q-o-q. Affordable portfolio reached at Rs. 7,140 crore. Disbursement saw a growth of 15.6% y-o-y and 3.7% q-o-q to Rs. 6,217 crore driven by emerging segments (up by 95% y-o-y and 1.3% q-o-q). Overall, the company reported a soft quarter. 

Results Table

Particulars  (Rs. Cr)

Q3FY25

Q2FY26

Q3FY26

y-o-y

q-o-q

Interest Income

1,848

2,017

2,019

9.2%

0.1%

Interest Expenses

1,158

1,267

1,253

8.2%

-1.1%

NII

691

750

767

11.0%

2.1%

Other Income

95

113

101

7.0%

-10.5%

Total Income

785

864

868

10.5%

0.5%

Opex

206

217

240

16.7%

10.5%

PPOP

580

646

628

8.4%

-2.9%

P&C

-36

-113

-41

12.2%

-64.2%

PBT

616

760

668

8.6%

-12.0%

Tax

132

178

148

11.9%

-16.8%

PAT

483

582

520

7.7%

-10.5%

Disbursements

5,380

5,995

6,217

15.6%

3.7%

AUM

76,840

83,879

86,048

12.0%

2.6%

 Actual Vs Estimates

Particulars (Rs. Crore)

Q3FY26E

Q3FY26A

Variance (%)

NII

762

767

0.6%

PPOP

674

628

-6.8%

PAT

552

520

-5.8%

Asset Quality

 

Q3FY25

Q2FY26

Q3FY25

y-o-y (bps)

q-o-q (bps)

GNPA

1.19%

1.04%

1.04%

-15.0

0.0

NNPA

0.80%

0.69%

0.68%

-12.0

-1.0

 Key Metrics

 

Q3FY25

Q2FY26

Q3FY26

y-o-y (bps)

q-o-q (bps)

NII as % of Loan

3.84%

3.76%

3.73%

-11

-3

Fee income % of Loan

0.53%

0.57%

0.49%

-3

-7

OpEx as % of Loan

1.14%

1.09%

1.17%

2

8

Prov as % of Loan

-0.20%

-0.57%

-0.20%

0

37

Tax Rate as a % of Loan

0.74%

0.89%

0.72%

-2

-17

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