PNB Housing Finance Q1: PNB Housing Finance on Monday reported a 47.8 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 347.32 crore for the quarter ended June 30, 2023 (Q1FY24). The housing finance company had posted a profit of Rs 234.96 crore in the year-ago period. Revenue from operations came in at Rs 1,707.63 crore, up 21 per cent YoY.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Post-result announcement, the stock hit a 52-week high of Rs 677.35 on the BSE.

Basic earnings per share (EPS) for the quarter under review stood at Rs 13.64, compared to Rs 11.96 in the year-ago period. The company's total expenses increased to Rs 1,261.04 crore as against Rs 1,100.89 crore in the corresponding quarter of the previous fiscal.

Net interest margin (NIM), a key measure of profitability, stood at 3.86 per cent, while net interest income amplified by 70 per cent to Rs 629 crore during the quarter.

Demand for housing in India has continued to rise post-pandemic as a rising middle class looks to invest in real estate, even amid higher loan interest rates.

The Reserve Bank of India has raised key interest rates by 250 basis points since May 2022, pausing hikes in April and June.

New Delhi-based PNB Housing Finance said asset quality improved in the quarter, with gross non-performing assets as a percentage of total loans slipping to 3.76 per cent as of June 30, from 3.83% as of March 31.

Disbursements for the quarter climbed 7 per cent year-on-year (YoY) to Rs 3,686 crore.

(With inputs from Reuters)