PNB Housing Finance Q2 Net Up 46% to ₹383 Crore

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PNB Housing Finance Limited (PNBHFL) reported a 46% increase in net profit to ₹383 crore for the quarter ended September 30, 2023, up from ₹263 crore in the same quarter last year. This was also 10% higher than the net profit of ₹347 crore recorded in the June 2023 quarter.

For the first half of this fiscal year, net profit came in at ₹730 crore, up 47% year-on-year from ₹497 crore in the same period last fiscal.

Total income for the quarter under review grew 5.7% to ₹1,779 crore from ₹1,683 crore. This was also higher than the total income of ₹1,707 crore recorded in the June 2023 quarter.

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Girish Kousgi, Managing Director and CEO of PNBHFL, said that the company had witnessed progress across key business parameters like growth, asset quality, and profitability during the first half of the financial year. He also said that the company’s consistent efforts had enabled it to resolve and fully recover a large corporate account, which further aided in reducing its GNPA below 2% to 1.78% as on September 30, 2023. The company’s ROA stood at 2.14% annualized for FY23-24. Kousgi expressed confidence in the company’s ability to maintain this momentum and continue the growth trajectory in the fiscal year.

While GNPA as a percentage of advances reduced to 1.78% as on September 30, 2023 from 6.06% on September 30, 2022, net NPA stood at 1.19% as of September 30, 2023.

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