Mumbai-based PNB Housing Finance has reported a significant increase in net profit for the September 2023 quarter, driven by higher interest income. The non-banking finance company recorded a net profit of Rs 383 crore, marking a 45.9% rise compared to the previous year’s figure of Rs 262.63 crore. In a regulatory filing, PNB Housing Finance disclosed that total income for the second quarter of 2023-24 reached Rs 1,779.4 crore, a growth from Rs 1,683.43 crore in the same period of the previous financial year.
The company’s interest income for the quarter saw a substantial increase as well, climbing to Rs 1,702.86 crore, a rise from Rs 1,597.54 crore in the July-September quarter of 2022-23. However, expenses for the company stood at Rs 1,272.29 crore, down from Rs 1,343 crore in the year-ago quarter.
On the asset front, PNB Housing Finance reported a decline in gross non-performing assets (NPA) from 6.06% to 1.78% in a year. The net NPA, which is associated with Punjab National Bank, also experienced a considerable drop from 3.59% in the year-ago period to 1.19% in the September quarter.
As for the loan book, it demonstrated a 5.2% year-on-year increase, reaching Rs 60,852 crore by September-end 2023. However, despite the positive financial results, shares of PNB Housing Finance closed at Rs 718.30 apiece on the BSE, reflecting a decline of 3.83% compared to the previous close.
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