PNB Housing Finance's March quarter profit up y-o-y by 57%

30 Apr 2024 , 02:53 PM

PNB Housing Finance reported a 57% year-on-year increase in its profit after tax, reaching ₹444 Crore in the fourth quarter of the financial year 2023-24. Sequentially, the net profit rose by 28.01%. The company's net profit surged due to higher net interest margins and an improvement in asset quality.

Managing Director and CEO, Girish Kousgi, expressed optimism about the company's future growth and profitability, highlighting a significant improvement in asset quality.

Gross Non-Performing Assets (GNPA) decreased to 1.50% as of March 31, compared to 3.83% a year ago and 1.73% in the previous quarter. Retail GNPA reduced to 1.45% as of March 31, 2024, from 2.57% in the previous year and 1.67% in the last quarter of 2023. Corporate GNPA decreased to 3.31% as of March 31, 2024, from 22.25% a year ago and 3.35% in the previous quarter.

Net Non-Performing Assets (NNPA) stood at 0.95% as of March 31, 2024, with NNPA in the Retail segment at 0.94% and in the Corporate segment at 1.11%.

Disbursements during FY23-24 increased by 17% year-on-year to ₹17,583 Crore, with Q4FY23-24 reaching ₹5,574 Crore, up by 24% year-on-year and 35% quarter-on-quarter.

Loan Assets grew by 10% year-on-year and 5% quarter-on-quarter to ₹65,358 Crore as of March 31, 2024. Asset under Management (AUM) increased by 7% year-on-year and 4% quarter-on-quarter to ₹71,243 Crore as of March 31, 2024.

PNB Housing Finance Limited (PNB Housing) is an Indian housing finance company regulated by the National Housing Bank (NHB). PNB Housing is backed by Punjab National Bank (PNB) and went public with an equity shares issue in November 2016. The company offers housing loans, loans against property, and is authorized to accept public deposits.

For feedback and suggestions, write to us at [e-mail]