PNB Housing posts 45% y-o-y growth in net profit at Rs 383 crore

25 Oct 2023 , 12:36 PM

Punjab National Bank Housing Finance reported its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a 45.9% y-o-y increase in net profit at Rs 383 crore, compared to Rs 262.6 crore in the same time previous year. 

The revenue from operations in the second quarter of the current fiscal was Rs 1,777.8 crore, a 5.5% y-o-y increase over the year-ago period of Rs 1,684.4 crore.

The overall income of a non-banking financing company (NBFC) increased to Rs 1,779.4 crore in the September quarter, up from Rs 1,683.43 crore in the same period the previous fiscal year, according to a regulatory filing by PNB Housing financing Limited.

Interest income was Rs 1,702.86 crore in the period under review, up from Rs 1,597.54 crore in the July-September quarter of 2022-23. The NBFC’s costs were Rs 1,272.29 crore, compared to Rs 1,343 crore in the previous quarter. On the asset side, the Delhi-based home financer posted 1.78% gross non-performing assets (NPA), down from 6.06% a year ago.

Similarly, the net NPA of the company sponsored by the state-owned lender was 1.19% in the September quarter, down from 3.59% in the same period last year. The company’s loan book stood at Rs 60,852 crore at the end of September 2023, up 5.2% year on year.

 

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