PNB Housing Q2 Net Up 51% year-on-year

MUMBAI: PNB Housing Finance has reported a 51% year on-year increase in quarterly net profit, helped by robust demand for home loans and expansion of business. For the second quarter ended September 30, the company said profit stood at Rs 208 crore compared with Rs 138 crore a year ago.

During the quarter, the company paid a final dividend at the rate of Rs 6 per share.

Net interest income—the difference between interest earned and interest expended — grew 69% from a year ago to Rs 386 crore. Loan assets registered a growth of 51% to Rs 48,749 crore as on September 30, against Rs 32,236 crore a year ago. The company saw spread on average loan assets at 2.42% and net interest margin on the average interest earning assets was 3.15%.

The gross NPAs, as on September 30, stood at 0.34% as against 0.26% a year ago. Net NPAs of the company stood at 0.26% of the loan assets compared with 0.18% a year ago.