PNB Housing Finance reports 12 per cent surge in net profit

PNB Housing Finance

PNB Housing Finance reported a 12 per cent surge in net profit to Rs 262.63 crore for the quarter that ended September 2022, owing to double-digit growth in net interest revenue and disbursements.

In the previous fiscal year, the non-banking financial company earned a net profit of Rs 235.21 crore. Total income increased to Rs 1,683.43 crore in Q2FY23 from Rs 1,586.41 crore in the same period in 2021-22, according to a regulatory filing by PNB Housing Finance.

Interest income increased by 6.5 per cent in the quarter to Rs 1,597.54 crore, up from Rs 1,499.88 crore the previous year.

While net interest income (interest collected minus interest expenditure) increased by 29 per cent year on year to Rs 649 crore. According to PNB Housing, assigned loans had a net positive impact of Rs 109 crore throughout the quarter.

Total expenses increased by roughly 4 per cent during the quarter, to Rs 1,343 crore from Rs 1,295.21 crore the previous year.

Among other significant financial indicators, the net interest margin increased to 4.14 per cent in Q2 FY23 from 3.01 per cent in Q2 FY22 and 2.36 per cent in Q1FY23.

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