PNB Housing Finance Q1 net profit surges 93%

PNB Housing Finance Q1 net profit surges 93%
05/08/2017 , by , in ALLIED

PNB Housing Finance reported a 93 per cent jump in net profit to Rs 184.80 crore for April-June quarter of the current fiscal. This surge in net profit was a result of robust earning in core business. The company’s net profit stood at Rs 95.90 crore in April-June quarter of 2016-17.

Total income from operations rose by 38.2 per cent to Rs 1,192.27 crore during April-June quarter of 2017-18, as against Rs 862.87 crore in the same period last fiscal, PNB Housing Finance said in a regulatory filing.

The company also reported a 64 per cent surge in its net interest income to Rs 343.60 crore for June quarter, compared to Rs 209.20 crore in the same period last year.

Gross non-performing assets (NPAs) as on June 30, 2017 stood at 0.43 per cent, while net NPAs were 0.33 per cent of the loan disbursals at June-end this year.

In a statement, PNBHFL MD Sanjaya Gupta said, “We started the year with a strong growth in all the business and financial vectors on the back of over 50 per cent increase in disbursements and efficient borrowing compared to the same quarter previous year. As a housing solution provider, we believe government led actions with mission of Housing for All by 2022 and Pradhan Mantri Awas Yojana along with Real Estate Regulatory Authority Bill have inducted substantial positivity in the sector especially from a long term perspective.”

According to company, the outstanding loan grew by a healthy rate of 42 per cent from a year ago to Rs 44,003 crore as of June 30, 2017. Of this, 70 per cent was comprised of housing loans, while rest of 30 per cent formed as non-housing advances.

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