Can Fin Homes Limited (NSE: CANFINHOME) is a housing finance company in India that provides home loans and other financial services for the construction, purchase, renovation, and extension of residential and commercial properties. The company is a subsidiary of Canara Bank and operates across India.
Can Fin Homes reported its Q3FY23 results with a loan book of Rs 30,115 crore, showing a YoY increase of 20% and a clientele base of 23.08 lakh. The company disbursed loans amounting to Rs 2,406 crore in Q3, an increase of 15% YoY. The company’s net profit rose to Rs 151.49 crore in Q3 FY23 compared to Rs 115 crore in the same period last year, marking a 30.9% growth. The total income of the company rose by 39.6% to Rs 709.71 crore in Q3 FY23 from Rs 507.65 crore in the same period last year.
Can Fin Homes’ net interest income (NII) increased by 22.23% to Rs 251.71 crore as on 31 December 2022, compared to Rs 205.93 crore as on 31 December 2021. The company’s net interest margin (NIM) stood at 3.47% in Q3 FY23 compared to 3.70% in the corresponding period last year. The housing finance company’s operating profit advanced by 23.78% to Rs 212.93 crore in Q3 FY23 as against Rs 172.03 crore in the same quarter last year. Profit before tax rose by 31.38% to Rs 204.52 crore in Q3 FY23 compared to Rs 155.67 crore in Q3 FY22.
Can Fin Homes’ gross non-performing asset (NPA) stood at Rs 181.14 crore in Q3 FY23 compared to Rs 177.21 crore in the same period last year. The net NPA was at Rs 89.29 crore during the quarter as compared to Rs 97.04 crore in the same quarter last year. The gross NPA ratio stood at 0.60% in Q3 FY23 as compared to 0.71% in Q3 FY22, while the net NPA ratio was at 0.30% in Q3 FY23 as compared to 0.39% in Q3 FY22.
Can Fin Homes’ return on assets (RoAA) stood at 2.16% in Q3 FY23 compared to 2.04% in Q3 FY22. The company’s return on equity (RoE) was at 17.30% in Q3 FY23 as compared to 15.83% in Q3 FY22. The company’s provision coverage ratio (PCR) during the quarter stood at 50.71%, and the capital risk adequacy ratio (CRAR) was at 23.45% as on 31 December 2022. The salaried and professional segment constitutes 74% of the outstanding loan book as on December 2022. Housing forms 90% of the loan book, while NHL constitutes 10%. The average ticket size of incremental housing and non-housing loans is Rs 24 lakh and Rs 8 lakh, respectively.
Overall, Can Fin Homes reported a strong performance in Q3 FY23, with a significant increase in its loan book, profitability, and provision coverage ratio, along with a decline in NPA ratios.
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