New Delhi: PNB Housing Finance Ltd, a wholly owned subsidiary of Punjab National Bank has posted a 76% growth in net profit after tax for nine months ended 31 December 2007.
Announcing the results, V K Khanna, MD, PNB Housing Finance, said in a release dated 7 February, “During the current year, the profit before tax was Rs41.80 crore (as against Rs23.69 crore in the year-ago period) and profit after tax was Rs28.87 crore (Rs16.40 crore).”
Khanna said total income was up 51% at Rs159.97 crore (Rs106.14 crore), while net worth was Rs156.60 crore (Rs126.02 crore). The annualised earning per share was Rs12.83 (Rs7.29). Book value per share as on 31 December 2007 was Rs52.20.
The Company has already paid an interim dividend of 10% for the year, which absorbed a sum of Rs3.51 crore inclusive of dividend tax.
Khanna said during the current financial year, the Company has raised bonds aggregating Rs450 crore. The amount raised was used to augment the company’s long-term resources.
In view of the downward interest rate scenario, the company has decided to reduce interest rates on home loans for new borrowers by 0.5%.