PNB Housing Q1 Results: Net profit rises 48% YoY to Rs 347 crore on strong housing demand
PNB Housing Finance on Monday posted a nearly 48% rise in first-quarter profit, driven by robust demand for housing loans and improved asset quality. PNB Housing, a unit of state-run lender Punjab National Bank, said its consolidated net profit after tax stood at Rs 347 crore for the quarter ended June 30, compared with Rs 235 crore a year earlier.
Net interest margin, a key measure of profitability, stood at 3.86%, while net interest income amplified by 70% to Rs 629 crore during the quarter. Demand for housing in India has continued to rise post-pandemic as a rising middle class looks to invest in real estate even amid higher loan interest rates.
The Reserve Bank of India has raised key interest rates by 250 basis points since May 2022, pausing hikes in April and June. New Delhi-based PNB Housing Finance said asset quality improved in the quarter, with gross non-performing assets as a percentage of total loans slipping to 3.76% as on June 30, from 3.83% as on March 31.
Disbursements for the quarter climbed 7% year-on-year to Rs 3,686 crore. Shares of the lender rose 3.8% to Rs 675 after the results.
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