PNB Housing Finance Limited (PNBHFL) has reported a 48 per cent increase in consolidated net profit for the first quarter ended June 30, 2023 at ₹347 crore (₹235 crore).
The latest bottomline performance was 28 per cent higher than the net profit of ₹280 crore in the March 2023 quarter.
Total income for the quarter under review was up 21 per cent to touch ₹1,708 crore (₹1,411 crore). The latest total income was also higher than the total income of ₹1,637 crore recorded in March 2023 quarter.
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Commenting on the Q1 performance, Girish Kousgi, Managing Director & CEO said, “The first quarter of this financial year has kick-started on a positive note, as we have achieved growth across all key business and financial parameters. Owing to our ongoing efforts in the retail business, our loan book crossed ₹60,000 crore mark. We have also witnessed improvement in asset quality, resulting in higher profitability. This quarter the company’s annualised ROA is at 2.07 per cent, highest in a decade. With a successful completion of the Rights Issue, we now possess adequate capital to fuel our growth. We are optimistic about the prevailing real estate demand, and with our focus on identified strategic objectives, we look forward to capitalising on available market opportunities and accelerating our growth journey ahead.”
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Gross non-performing asset (GNPA) declined by 259 basis points to 3.76 per cent as on June 30, 2023 as compared to 6.35 per cent as on June 30, 2022. Net interest margin stood at 3.86 per cent in Q1. Assets under management grew 2 per cent year-on-year to ₹67,340 crore as on June 30, 2023.
Loan asset grew 5 per cent year-on-year and 2 per cent quarter-on-quarter to ₹60,395 crore as on June 30,2023.
Web Title – PNB Housing Finance Q1 net profit surges 48% to ₹347 crore