Punjab National Bank (PNB) Housing Finance released its July–September quarter results for fiscal 2023–24 (Q2FY24) on Monday, October 24. The bank reported a 45.9 per cent increase in net profit at ₹383 crore, as opposed to ₹262.6 crore in the same time the previous year.
In the current fiscal year, the revenue generated by operations in the second quarter reached ₹1,777.8 crore, up 5.5 per cent from ₹1,684.4 crore in the corresponding time last year.
PNB Housing Finance Limited stated in a regulatory filing that the NBFCs total income increased to ₹1,779.4 crore in the September quarter from ₹1,683.43 crore in the same period of the previous financial year.
Interest income increased to ₹1,702.86 crore in the reviewed quarter from ₹1,597.54 crore in the July-September quarter of 2022–2023. During the same quarter last year, the NBFCs expenses were ₹1,343 crore, compared to ₹1,272.29 crore this time. Regarding assets, the home financing company with headquarters in Delhi declared that its gross non-performing assets (NPA) decreased to 1.78 per cent from 6.06 per cent in the previous year.
In a similar vein, the state-owned lender’s promoted company’s net non-performing asset (NPA) decreased to 1.19 per cent in the September quarter from 3.59 per cent in the same time last year. On September 30, 2023, the company’s loan book was valued at ₹60,852 crore, representing a 5.2 per cent annual increase.
“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. We have also made significant progress in our affordable housing portfolio over the last 3 quarters, and are on track to meet our commitments. Our ROA stood at 2.14 per cent annualised for FY23-24,” said Girish Kousgi, Managing Director and CEO, PNB Housing Finance.
“As we look forward, we are confident of our ability to maintain this momentum and continue the growth trajectory in the fiscal year. We will continue to strive for excellence, leverage available market opportunities and work towards achieving stronger performance,” he added.
