PNB Housing Finance Ltd recorded a 47.8 per cent YoY increase in its consolidated net profit after tax for the fiscal first quarter ended June (Q1FY24) to 347.32 crore. In the previous fiscal year, the company had a profit of 234.96 crore. Consolidated net profit increased by 24.4 per cent from 279.28 crore in Q4FY23.
The consolidated total revenue from activities of the housing finance company increased 21 per cent YoY to 1,707.63 crores in the quarter ended June from 1,410.70 crore in Q1FY23. In the first quarter, total revenue increased to 1,707.72 crore. In the previous year, it was 1,411.99 crore.
The mortgage lender claimed in an exchange filing that net interest income climbed by 70 per cent YoY and 6 per cent quarter on quarter to 629 crore for the quarter ended in June.
Furthermore, operating expense increased by 26 per cent YoY and 5 per cent QoQ to Rs 150 crore in the first quarter of FY24. Pre-provision operating profit climbed by 41 per cent YoY and 4 per cenet quarter on quarter to 507 crore.
In comparison to 1.42 per cent in Q1 FY23 and 2.65 per cent in Q4 FY23, the loan spread in Q1 FY24 was 2.62 per cent. Net Interest Margin was 3.86 per cent in Q1 FY24, and Gross Margin, net of Acquisition Cost, was 3.91 per cent.
According to exchange filings, disbursements climbed by 7 per cent YoY to 3,686 crore in the first quarter of FY24, with retail disbursements growing by 8 per cent YoY to 3,667 crore.
As of June 30, the Asset Under Management (AUM) increased by 2 per cent year on year to 67,340 crore, while the Loan Asset increased by 5 per cent YoY and 2 per cent quarter on quarter to 60,395 crore. Gross non-performing assets are at 3.76 per cent as of June 30, 2023, compared to 6.35 per cent on June 30, 2022 and 3.83 per cent on March 31, 2023.
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Commenting on the performance, Girish Kousgi, Managing Director & CEO said: “The first quarter of this financial year has kick-started on a positive note, as we have achieved growth across all key business and financial parameters. Owing to our ongoing efforts in the retail business, our Loan book crossed INR 60,000 crore mark. We have also witnessed improvement in asset quality, resulting in higher profitability. This quarter the Company’s annualised ROA is at 2.07 per cent, highest in a decade.
With a successful completion of the Rights Issue, we now possess adequate capital to fuel our growth. We are optimistic about the prevailing real estate demand, and with our focus on identified strategic objectives, we look forward to capitalizing on available market opportunities and accelerating our growth journey ahead.”
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