PNB Housing Finance share price jumps over 8% on recovery of ₹784 crore worth non-performing account
PNB Housing Finance share price jumped more than 8% on Monday after the company announced the recovery of ₹784 crore worth of corporate non-performing account. PNB Housing Finance shares rallied as much as 8.4% to ₹688.10 apiece on the BSE. PNB Housing Finance through its focused and multi-pronged resolution strategy has successfully resolved and fully recovered its large corporate Non-Performing account of ₹784 crore, which is 1.3% of loan asset as on 30th June 2023, the company said in a regulatory filing on Saturday.
Read here: PNB Housing Finance recovers NPA account of ₹784 crore, resolved through ARC sale “The account has been resolved on 19th August 2023 through an ARC sale under Swiss Challenge method as per the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021," PNB Housing Finance said. As on June 30, 2023, the Gross NPA of the company stood at ₹2,270 crore, which is 3.76% of loan assets. Its loan assets were at ₹60,395 crore.
During the first quarter of FY24, PNB Housing Finance reported a 47.8% year-on-year (YoY) rise in its consolidated net profit to ₹347.32 crore. The company had posted a profit of ₹234.96 crore in the year-ago period. Also Read: Titan share price gains as analysts believe CaratLane stake purchase to be value accretive As of June 30, the company’s Asset Under Management (AUM) expanded by 2% YoY to ₹67,340 crore.
PNB Housing Finance shares have rallied more than 25% YTD and the shares have given returns of over 85% in the last one year period. At 12:30 pm, PNB Housing Finance share price was trading 5.21% higher at ₹667.85 apiece on the BSE. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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