Home >companies >company-results >PNB Housing Finance Q2 net profit up 33% at ₹253 crore

New Delhi: PNB Housing Finance Monday reported a jump of 33% in consolidated net profit at 252.99 crore in the second quarter ended September 2018.

It had posted a net profit of 190.05 crore in the corresponding July-September period of 2017-18, the company said in a regulatory filing.

The company is comfortably placed with respect to the asset liability mismatch (ALM) position, PNB Housing said in a separate statement.

“In the 0-1 year bucket, we are broadly matched on ALM. Our short term borrowing has reduced from 17.5% in March 2018 to 11.7% in September 2018. On 1-3 year bucket, we are borrowing long term viz external commercial borrowing (ECB) and more sticky public deposits and are comfortable with our mix.

“Further, our borrowing in the last one month represents our strength in the borrowing market as we raised more than 6,000 crore through commercial papers and $200 million through ECBs under automatic route," it said.

Total income of the non-banking finance company (NBFC) during the quarter was at 1,808.26 crore, up by 42% from year ago’s 1,274.44 crore.

On standalone basis, the company’s net profit was at 208.26 crore in September quarter of 2018-19, up 10% from a year ago second quarter. Income was at 1,730.41 crore, up by 36% from the corresponding period of the last fiscal.

The gross non-performing assets (NPA), as on September 30, 2018, of the company is 0.45% as against 0.34% as on September 30, 2017, it said.

Net NPAs of the company is 0.35% of the loan assets, against 0.26%.

The assets under management (AUM) of the company have increased to 73,482 crores as on September 30, 2018 from 51,320 crore a year ago same period, registering a growth of 43%.

Loan assets increased to 66,792 crore from 48,749 crore, up 37%.

“Financial sector volatility that started in first half of 2018-19 continue to exist in the market especially with respect to liquidity. We envisaged tighter liquidity scenario and maintained higher cash and liquid investments on our balance sheet all throughout first half and also reduced our dependency on short term paper to 11.7% as on September 30, 2018 from 17.5% as of 31 March 2018.

“We continue to do our business with focus on asset quality, profitability and a balanced portfolio," said Sanjaya Gupta, managing director, PNB Housing Finance.

The company is engaged in the business of providing loans for purchase or construction of residential houses.

Shares of the company closed 0.25% higher at 873.30 apiece on the BSE.

This story has been published from a wire agency feed without modifications to the text.

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