Tuesday, Jun 25 2024 | Time 23:32 Hrs(IST)
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Business Economy


PNB Housing Finance net profit up 57 pc to Rs 439cr in Q4

New Delhi, April 29 (UNI) PNB Housing Finance on Monday reported 57.27 per cent year-on-year jump in consolidated net profit at Rs 439.25 crore for January-March quarter (Q4) of the financial year 2023-24.
The housing finance company had posted a net profit of Rs 279.28 crore in the corresponding period of the previous financial year 2022-23.
Net Interest Income (NII) of PNB Housing Finance grew by 7 per cent year-on-year to Rs 632 crore in Q4 of FY24.
The housing finance company said that its operating expenditure increased by 23 per cent year-on-year and 6% quarter-on-quarter to Rs 176 crore in the period under review primarily on account of branch expansion and upgradation of IT infrastructure.
"Net Interest Margin stood at 3.65% in Q4 FY24 as compared to 3.49% in Q3 FY24 and 3.74% in Q4 FY23. Gross Margin, net of acquisition cost, stood at 4.18% in Q4 FY24," PNB Housing Finance said in a press release.
The press release said that PNB Housing Finance's Gross Non-Performing Assets (GNPA) stood at 1.50 per cent as on 31st March 2024 as compared to 3.83 per cent as on 31st March 2023 and 1.73 per cent as on 31st December 2023.
Commenting on the overall financial performance, Girish Kousgi, Managing Director & CEO of PNB Housing Finance said, "During the Financial Year 2023-24, the company made significant progress across various business and financial parameters.
"The completion of a successful fund-raise via Rights Issue underscores the confidence of our shareholders. Moreover, our expansion into high yielding affordable segment and the growth of our retail loan book showcases our commitment towards meeting diverse market needs."
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