PNB Housing Finance net profit up 48%, asset quality improves
PNB Housing Finance reported a 48% increase in net profit and a decline of over 300 basis points in gross non-performing assets (NPAs) for the first quarter of FY24 compared to the same period last year. As a result, the company's shares rose by 6% on the stock exchanges.
The company's net profit stood at ₹347 crore during the quarter, up from ₹235 crore a year ago. Net interest income rose 70% year-on-year and 6% quarter-on-quarter to ₹629 crore.
The gross non-performing assets (NPA) ratio as of June 30, 2023, was 3.76%, down from 6.35% in the corresponding period last year. Retail GNPA improved to 2.49% of advances from 3.73% a year ago, while corporate GNPA was at 25% compared to 28% by similar comparison, but slightly higher from 22.25% in the March quarter due to Ind-AS adjustments.
Net NPA was at 2.59% as of June 30, with the ratio in the retail segment at 1.63% and in the corporate segment at 19.54%. Disbursements for the quarter increased by 7% YoY to ₹3,686 crore, with retail disbursements growing by 8% to ₹3,667 crore, constituting 99% of total disbursements.
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