PNB Housing Q1 profit jumps 23% to Rs 534 crore on loan growth, NIM boost
PNB Housing Finance posted a 23% YoY rise in Q1 net profit at Rs 534 crore, aided by strong loan growth, improved NIM of 3.74%, and better asset quality. Gross NPAs fell to 1.06%, and retail disbursements in affordable and emerging segments surged...
By Atmadip Ray, ET Bureau |
Agencies
PNB Housing delivers 23% Q1 profit growth, led by strong retail loan disbursements, rising NIM, and improved asset quality with lower NPAs.
PNB Housing Finance reported a 23% year-on-year rise in net profit for the first quarter at Rs 534 crore as compared with Rs 433 crore in the year ago period.
The lender's net interest margin for the quarter stood at 3.74%, an improvement from 3.65% in the corresponding period last year. Its asset quality improved with gross non-performing assets ratio being at 1.06% at end-June, falling from 1.35% seen a year back.
Its pre-provision operating profit grew by 17% year-on-year at Rs 632 crore, buoyed by a 17% rise in net interest income at Rs 760 crore.
The company's loan assets grew 16% year-on-year to Rs 77,732 crore with retail loans standing at Rs 76,923 crore.
Within retail, affordable loan assets grew 143% at 5,744 crore while emerging markets loans expanded by 20% to Rs 22,701 crore.
“The company’s focus on high-yielding business led to 30% year-on-year disbursement growth in the affordable and emerging markets segment during the quarter contributing 50% in the retail disbursement," managing director Girish Kousgi was quoted as saying in an exchange filing.
The lender's net interest margin for the quarter stood at 3.74%, an improvement from 3.65% in the corresponding period last year. Its asset quality improved with gross non-performing assets ratio being at 1.06% at end-June, falling from 1.35% seen a year back.
Its pre-provision operating profit grew by 17% year-on-year at Rs 632 crore, buoyed by a 17% rise in net interest income at Rs 760 crore.
The company's loan assets grew 16% year-on-year to Rs 77,732 crore with retail loans standing at Rs 76,923 crore.
Within retail, affordable loan assets grew 143% at 5,744 crore while emerging markets loans expanded by 20% to Rs 22,701 crore.
“The company’s focus on high-yielding business led to 30% year-on-year disbursement growth in the affordable and emerging markets segment during the quarter contributing 50% in the retail disbursement," managing director Girish Kousgi was quoted as saying in an exchange filing.
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