DSE : NHFIL
National Housing Finance PLC — Financial statements
Mortgage Bankers and Loan Correspondents · Bangladesh
Last price 25.1 BDT (At close: Oct 28, 2026) · Market cap 3.18B
Latest research: National Housing Finance financial analysis: 9.88% NPL, 12.34% cost of fund, 18.74% CAR and a 6% smaller loan book in 2025 (Oct 2026) · National Housing Finance: classified loans 9.88%, loan book down 6.0% in 2025, and treasury income 34% of operating income
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 1.93B | 2.05B | 2.02B | 1.53B | 1.52B | 1.68B |
| Total Interest Expense | 1.51B | 1.56B | 1.50B | 1.06B | 917.98M | 972.02M |
| Net Interest Income | 416.53M | 483.85M | 512.72M | 474.48M | 604.83M | 711.93M |
| Commissions and Fees | 2.00K | 1.50K | 2.00K | 1.00K | 500.00 | |
| Other Revenue | 9.35M | 9.98M | 11.08M | 9.86M | 15.14M | 15.18M |
| Revenue Before Loan Losses | 425.88M | 493.84M | 523.80M | 484.34M | 619.96M | 727.11M |
| Provision for Loan Losses | 81.87M | 108.07M | 219.39M | 112.38M | -29.69M | 88.80M |
| Revenue | 344.01M | 385.77M | 304.41M | 371.96M | 649.66M | 638.31M |
| Salaries & Employee Benefits | 145.83M | 151.17M | 158.18M | 155.44M | 144.18M | 133.69M |
| Cost of Services Provided | 37.01M | 41.09M | 40.12M | 39.01M | 36.44M | 32.91M |
| Other Operating Expenses | 16.06M | 16.92M | 18.51M | 19.50M | 16.75M | 14.70M |
| Total Operating Expenses | 209.76M | 221.26M | 232.10M | 229.69M | 214.85M | 200.93M |
| Operating Income | 134.26M | 164.50M | 72.30M | 142.27M | 434.80M | 437.38M |
| EBT Excluding Unusual Items | 117.45M | 151.69M | 72.30M | 133.15M | 425.74M | 426.68M |
| Gain (Loss) on Sale of Investments | 32.10M | 1.42M | -22.49M | 5.41M | -16.38M | 1.73M |
| Pretax Income | 146.67M | 149.87M | 43.85M | 135.42M | 408.30M | 436.22M |
| Income Tax Expense | 48.76M | 54.60M | 40.92M | 14.79M | 145.16M | 174.93M |
| Net Income | 97.90M | 95.26M | 2.93M | 120.63M | 263.14M | 261.29M |
| Net Income to Common | 97.90M | 95.26M | 2.93M | 120.63M | 263.14M | 261.29M |
| Shares Outstanding (Basic) | 128.73M | 128.73M | 117.03M | 117.03M | 117.03M | 117.03M |
| Shares Outstanding (Diluted) | 128.73M | 128.73M | 117.03M | 117.03M | 117.03M | 117.03M |
| EPS (Basic) | 0.76 | 0.74 | 0.03 | 1.03 | 2.25 | 2.23 |
| EPS (Diluted) | 0.76 | 0.74 | 0.03 | 1.03 | 2.25 | 2.23 |
| Free Cash Flow | 2.05B | 885.92M | -2.54B | 2.95B | -2.25B | 1.07B |
| Free Cash Flow Per Share | 15.94 | 6.88 | -21.69 | 25.18 | -19.20 | 9.11 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.50 | 1.50 |
| Operating Margin | 39.03% | 42.64% | 23.75% | 38.25% | 66.93% | 68.52% |
| Profit Margin | 28.46% | 24.70% | 0.96% | 32.43% | 40.51% | 40.93% |
| Free Cash Flow Margin | 596.53% | 229.65% | -833.88% | 792.22% | -345.80% | 166.99% |
| Effective Tax Rate | 33.25% | 36.44% | 93.31% | 10.92% | 35.55% | 40.10% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.23B | 1.89B | 1.46B | 4.04B | 1.46B | 3.70B |
| Long-Term Investments | 1.28B | 1.36B | 1.73B | 1.43B | 1.68B | 604.71M |
| Loans & Lease Receivables | 12.72B | 13.08B | 13.91B | 14.33B | 14.39B | 13.94B |
| Other Receivables | 154.29M | 149.14M | 163.67M | 134.20M | 128.34M | 185.44M |
| Property, Plant & Equipment | 256.38M | 261.47M | 271.38M | 282.64M | 293.28M | 304.62M |
| Other Intangible Assets | 630.00K | 2.73M | 4.83M | 6.93M | ||
| Other Current Assets | 353.48M | 308.14M | 267.42M | 304.71M | 438.28M | 321.56M |
| Long-Term Deferred Tax Assets | 4.68M | 8.32M | 10.81M | 21.03M | ||
| Other Long-Term Assets | -1.00 | 1.00 | -1.00 | |||
| Total Assets | 19.01B | 17.05B | 17.81B | 20.55B | 18.40B | 19.06B |
| Interest Bearing Deposits | 13.13B | 11.59B | 11.88B | 15.10B | 12.47B | 14.42B |
| Total Deposits | 13.13B | 11.59B | 11.88B | 15.10B | 12.47B | 14.42B |
| Accounts Payable | 78.45M | 78.26M | 50.41M | 14.71M | 9.43M | 11.11M |
| Accrued Expenses | 484.28M | 589.30M | 526.73M | 384.00M | 326.18M | 393.70M |
| Short-Term Debt | 280.08M | 580.51M | 780.23M | 336.94M | 533.76M | 1.47M |
| Current Portion of Long-Term Debt | 1.19B | 1.22B | 1.61B | 738.59M | ||
| Long-Term Debt | 1.31B | 665.69M | 102.03M | 143.89M | 142.13M | |
| Long-Term Leases | 552.62K | 935.78K | 1.83M | 3.24M | 3.41M | 4.21M |
| Current Income Taxes Payable | 256.90M | 228.85M | 181.50M | 290.21M | 431.33M | 443.57M |
| Other Current Liabilities | 5.31M | 6.33M | 7.84M | 5.20M | 5.39M | 5.11M |
| Long-Term Deferred Tax Liabilities | 9.20M | 4.32M | ||||
| Pension & Post-Retirement Benefits | 8.12M | |||||
| Other Long-Term Liabilities | 1.21B | 1.12B | 988.29M | 831.08M | 720.02M | 711.75M |
| Total Liabilities | 16.75B | 14.85B | 15.71B | 18.33B | 16.13B | 16.88B |
| Common Stock | 1.29B | 1.29B | 1.17B | 1.17B | 1.17B | 1.17B |
| Retained Earnings | 963.67M | 908.74M | 930.50M | 1.04B | 1.10B | 1.01B |
| Comprehensive Income & Other | 1.00 | |||||
| Shareholders' Equity | 2.25B | 2.20B | 2.10B | 2.21B | 2.27B | 2.18B |
| Total Liabilities & Equity | 19.01B | 17.05B | 17.81B | 20.55B | 18.40B | 19.06B |
| Total Debt | 1.59B | 1.25B | 2.08B | 1.71B | 2.15B | 886.40M |
| Net Cash (Debt) | 2.64B | 639.55M | -618.06M | 2.33B | -689.22M | 2.81B |
| Net Cash Per Share | 20.48 | 4.97 | -5.28 | 19.92 | -5.89 | 24.01 |
| Filing Date Shares Outstanding | 128.73M | 128.73M | 117.03M | 117.03M | 117.03M | 117.03M |
| Total Common Shares Outstanding | 128.73M | 128.73M | 117.03M | 117.03M | 117.03M | 117.03M |
| Working Capital | 3.22B | 2.35B | 1.18B | 1.45B | 1.03B | 2.13B |
| Book Value Per Share | 17.49 | 17.06 | 17.95 | 18.93 | 19.40 | 18.65 |
| Tangible Book Value | 2.25B | 2.20B | 2.10B | 2.21B | 2.26B | 2.18B |
| Tangible Book Value Per Share | 17.49 | 17.06 | 17.95 | 18.90 | 19.35 | 18.59 |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 97.90M | 95.26M | 2.93M | 120.63M | 263.14M | 261.29M |
| Depreciation & Amortization | 10.85M | 12.09M | 15.30M | 15.75M | 17.48M | 19.63M |
| Change in Trading Asset Securities | 206.59M | |||||
| Change in Other Net Operating Assets | 1.92B | 594.72M | -2.88B | 2.77B | -2.47B | 598.26M |
| Other Operating Activities | 23.22M | 185.39M | 326.10M | 42.99M | -55.49M | -8.34M |
| Operating Cash Flow | 2.05B | 887.46M | -2.54B | 2.95B | -2.24B | 1.08B |
| Capital Expenditures | -1.05M | -1.54M | -1.94M | -3.00M | -4.04M | -11.52M |
| Investment in Securities | 442.08M | 370.79M | -295.76M | -350.46M | -478.04M | -21.37M |
| Investing Cash Flow | 441.03M | 369.25M | -297.70M | -353.46M | -482.08M | -32.89M |
| Long-Term Debt Issued | 371.23M | 1.26B | 32.46M | |||
| Long-Term Debt Repaid | -828.60M | -443.08M | ||||
| Net Debt Issued (Repaid) | 460.48M | -828.60M | 371.23M | -443.08M | 1.26B | 32.46M |
| Common Dividends Paid | -117.03M | -175.55M | -175.55M | -175.55M | ||
| Financing Cash Flow | 460.48M | -828.60M | 254.20M | -618.62M | 1.09B | -143.09M |
| Net Cash Flow | 2.95B | 428.10M | -2.58B | 1.98B | -1.64B | 901.45M |
| Free Cash Flow | 2.05B | 885.92M | -2.54B | 2.95B | -2.25B | 1.07B |
| Free Cash Flow Margin | 596.53% | 229.65% | -833.88% | 792.22% | -345.80% | 166.99% |
| Free Cash Flow Per Share | 15.94 | 6.88 | -21.69 | 25.18 | -19.20 | 9.11 |
| Cash Interest Paid | 1.53B | 1.50B | 1.36B | 999.12M | 984.95M | 1.05B |
| Cash Income Tax Paid | 69.01M | 49.23M | 98.28M | 153.65M | 168.33M | 186.18M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.18B | 2.90B | 3.11B | 4.89B | 4.89B | 5.82B |
| PE Ratio | 32.48 | 30.41 | 1,061.50 | 40.55 | 18.59 | 22.26 |
| PS Ratio | 9.24 | 7.51 | 10.23 | 13.15 | 7.53 | 9.11 |
| PB Ratio | 1.41 | 1.32 | 1.48 | 2.21 | 2.15 | 2.67 |
| P/FCF Ratio | 1.55 | 3.27 | 1.66 | 5.46 | ||
| P/OCF Ratio | 1.55 | 3.26 | 1.66 | 5.40 | ||
| Debt / Equity Ratio | 0.71 | 0.57 | 0.99 | 0.77 | 0.95 | 0.41 |
| Debt / FCF Ratio | 0.78 | 1.41 | 0.58 | 0.83 | ||
| Net Debt / Equity Ratio | -1.17 | -0.29 | 0.29 | -1.05 | 0.30 | -1.29 |
| Net Debt / FCF Ratio | -1.28 | -0.72 | -0.24 | -0.79 | -0.31 | -2.64 |
| Quick Ratio | 1.20 | 1.16 | 1.06 | 1.07 | 1.04 | 1.11 |
| Current Ratio | 1.23 | 1.18 | 1.08 | 1.08 | 1.07 | 1.13 |
| Asset Turnover | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 |
| Return on Equity (ROE) | 4.45% | 4.43% | 0.14% | 5.38% | 11.82% | 12.21% |
| Return on Assets (ROA) | 0.54% | 0.55% | 0.01% | 0.62% | 1.41% | 1.42% |
| Return on Invested Capital (ROIC) | 2.35% | 2.74% | 0.12% | 3.04% | 7.48% | 8.71% |
| Earnings Yield | 3.08% | 3.29% | 0.09% | 2.47% | 5.38% | 4.49% |
| FCF Yield | 64.54% | 30.59% | -81.54% | 60.24% | -45.92% | 18.33% |
| Dividend Yield | 4.05% | 4.44% | 3.76% | 2.39% | 3.59% | 3.02% |
| Payout Ratio | 131.49% | 3,990.60% | 145.52% | 66.71% | 67.18% | |
| Buyback Yield / Dilution | -4.76% | -10.00% | ||||
| Total Shareholder Return | -0.71% | -5.56% | 3.76% | 2.39% | 3.59% | 3.02% |