PNB Housing Finance Q2 profit up 78% at Rs137 crore
PNB Housing Finance says total income rose by 50.8% to Rs970.17 crore during the second quarter of 2016-17, against Rs643.21 crore in same period of previous fiscal
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New Delhi: PNB Housing Finance on Tuesday reported a rise of 78.3% in net profit at Rs137.65 crore for the quarter ended 30 September 2016. Its net profit stood at Rs77.20 crore in the corresponding July-September quarter of the previous fiscal.
This is company’s first balance sheet declared to stock exchanges after it was listed on NSE and BSE last month.
Total income rose by 50.8% to Rs970.17 crore during the second quarter of 2016-17, against Rs643.21 crore in same period of previous fiscal, it said in a regulatory filing.
For the half year period (April-September), PNB Housing Finance’s net profit increased by 75% to Rs233.6 crore, against Rs133.6 crore. Income on the half yearly basis increased to Rs1,833.02 crore from Rs1,203.64 crore year ago.
Sanjaya Gupta, managing director of the company, said that the half yearly results have been in line with company’s expectations.
“The infusion of equity in the company will allow us to spread our branch network and grow our loan book. This will be in line with our growth and fixed cost optimisation strategy which will lead to improvement in the profit margins going forward,” Gupta added.
The asset under management (AUM) grew by Rs34,896 crore as on 30 September 2016 from Rs22,347 crore a year ago. Loan outstanding at the end of September 2016 stood at Rs32,236 crore.
The deposit portfolio grew by 14% to Rs7,831 crore as on 30 September 2016 from Rs6,877 crore a year earlier.
On asset quality, gross non-performing assets (NPAs) were at 0.26% of the loan assets as on 30 September, against 0.23% a year ago. Net NPAs or bad loans were 0.18% of net advances, against 0.09% in the same period a year ago.
The company also launched Unnati Home Loans during the first half of the current fiscal to cater to the mass housing segment in tier-II and III cities. This is to boost disbursements in the affordable housing loan segment, it said.