PNB Housing Finance Q2 net up 46% at ₹383 crore

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PNB Housing Finance Limited (PNBHFL) has reported a 46 per cent increase in net profit for the quarter ended September 30,2023 at ₹383 crore (₹263 crore).

The latest bottom-line was also 10 per cent higher than the net profit of ₹ 347 crore recorded in the June 2023 quarter. 

In the first half this fiscal, net profit came in at ₹730 crore, up 47 per cent year-on-year over ₹497 crore in same period last fiscal. 

For the quarter under review, total income grew 5.7 per cent to ₹1,779 crore (₹1683 crore). The latest total income was also higher than total income of ₹ 1707 crore recorded in June 2023 quarter. 

Also read: Households optimistic about future earnings prospects: Report

“During the first half of the financial year, we have witnessed progress across key business parameters like Growth, Asset Quality and Profitability. Our consistent efforts have enabled us to resolve and fully recover a large corporate account, which further aided in reducing our GNPA below 2 per cent to 1.78 per cent as on Sep 30, 2023. Our ROA stood at 2.14 per cent annualised for FY23-24. As we look forward, we are confident of our ability to maintain this momentum and continue the growth trajectory in the fiscal year”, Girish Kousgi, Managing Director and CEO, PNBHFL, said. 

While Gross Non performing asset (GNPA) as percentage of advances reduced to 1.78 per cent as on September 30,2023 from 6.06 per cent on September 30,2022, net NPA stood at 1.19 per cent as of September 30,2023.