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Motilal Oswal’s research report on PNB Housing Finance
Over the past two years, PNBHF has successfully transformed its business model into retail (both prime and affordable verticals) and has reduced its corporate loan book to ~4% of the AUM mix. In Apr’23, PNBHF completed its rights issue of ~INR25b, which has brought in confidence capital and has strengthened its case for a credit rating upgrade from credit rating agencies (CRAs). India Ratings recently upgraded PNBHF to AA+. PNBHF has set up an affordable…
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