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PNB Housing Finance Posts 78% Rise In September Quarter Profit

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PNB Housing Finance Posts 78% Rise In September Quarter Profit

PNB Housing Finance's total income rose 50.8 per cent year-on-year to Rs 970.17 crore in Q2.


New Delhi: PNB Housing Finance on Tuesday reported a rise of 78.3 per cent in net profit at Rs 137.65 crore for the quarter ended September 30, 2016.

Its net profit stood at Rs 77.20 crore in the corresponding July-September quarter of the previous fiscal year. 

This is company's first balance sheet declared to stock exchanges after it was listed on NSE and BSE last month.

Total income rose 50.8 per cent to Rs 970.17 crore during the second quarter of 2016-17, as against Rs 643.21 crore in corresponding period of the previous fiscal year, it said in a regulatory filing.

For the half year period (April-September), PNB Housing Finance's net profit increased 75 per cent to Rs 233.6 crore, as against Rs 133.6 crore.

Income on a half-yearly basis increased to Rs 1,833.02 crore from Rs 1,203.64 crore year ago.

Sanjaya Gupta, managing director of the company, said the half-yearly results have been in line with company's expectations.

"The infusion of equity in the company will allow us to spread our branch network and grow our loan book. This will be in line with our growth and fixed cost optimisation strategy which will lead to improvement in the profit margins going forward," Mr Gupta added.

The asset under management (AUM) grew by Rs 34,896 crore as of September 30, 2016, from Rs 22,347 crore a year ago.

Loan outstanding at the end of September 2016 stood at Rs 32,236 crore. The deposit portfolio grew 14 per cent to Rs 7,831 crore as on September 30 ,2016 from Rs 6,877 crore a year earlier.

On asset quality, gross non-performing assets (NPAs) were at 0.26 per cent of the loan assets as on September 30, as against 0.23 per cent a year ago.

Net NPAs or bad loans were 0.18 per cent of net advances, as against 0.09 per cent in the year-ago period.

The company also launched 'Unnati Home Loans' during the first half of the current fiscal year to cater to the mass housing segment in Tier II and III cities.

This is to boost disbursements in the affordable housing loan segment, it said.


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