PNB Housing Finance, a non-banking finance company based in Mumbai, has reported a significant increase in its net profit for the September 2023 quarter. The company recorded a 45.9% rise, with a net profit of Rs 383 crore compared to Rs 262.63 crore in the same period last year. This growth can be attributed to higher interest income.
According to a regulatory filing PNB Housing Finance Limited, the company’s total income also saw an increase from Rs 1,683.43 crore to Rs 1,779.4 crore in the second quarter of the current financial year. The income earned from interest during this period amounted to Rs 1,702.86 crore, up from Rs 1,597.54 crore in the July-September quarter of 2022-23.
Expenses, on the other hand, decreased from Rs 1,343 crore to Rs 1,272.29 crore in the year-ago quarter. Moreover, the company’s asset quality improved significantly, with its gross non-performing assets reducing to 1.78% from 6.06% in the previous year. Similarly, the net NPA stood at 1.19% in the September quarter, compared to 3.59% in the same period last year.
PNB Housing Finance’s loan book also witnessed positive growth, reaching Rs 60,852 crore September 2023, marking a 5.2% increase year-on-year.
In the stock market, PNB Housing Finance’s shares closed at Rs 718.30 apiece on the Bombay Stock Exchange (BSE), experiencing a 3.83% decrease from the previous close. This performance may be influenced various market factors.
PNB Housing Finance’s impressive financial results, including the rise in net profit, increased total income, improved asset quality, and growth in the loan book, showcase the company’s stability and potential for further success in the market.