PNB Housing Finance's net profit increases by 12%

28 Oct 2022 , 02:25 PM

PNB Housing Finance announced on Thursday that its September 2022—2023 quarter net profit increased by 11.7% to Rs 262.63 crore, thanks to a little increase in core income. In the same period last year, the non-banking financial company reported a net profit of Rs235.21 crore. PNB Housing Finance said in a regulatory filing that overall revenue climbed to Rs1,683.43 crore from Rs1,586.41 crore in the same period of 2021—22.

The Delhi-based housing financing company’s core interest income increased 6.5% in the quarter to Rs 1,597.54 crore from Rs 1,499.88 crore in the same quarter last year. From Rs1,295.21 crore, total expenses increased by about 4% to Rs1,343 crore. The company is promoted by Punjab National Bank (PNB), the second-largest state-owned lender in the nation, and is in the business of offering loans for the acquisition, construction, repairs, and renovations of residential and commercial buildings.

On the asset front, gross non-performing assets (NPAs, or bad loans), as of September 30, 2022, were 6.05 % of gross advances. There were 3.59 % in net NPAs. PNB Housing Finance’s stock increased 4.59 % to close at Rs451.10 on the BSE.

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