PNB Housing Finance on Thursday reported a 45% rise in net profit at ₹366.8 crore in the second quarter ended September of this fiscal.
The company had posted a net profit of ₹253 crore in the corresponding July-September period last fiscal. Total income rose to ₹2,230.34 crore during the quarter under review from ₹1,808.26 crore a year ago.
While net interest income rose 36% year-on-year to ₹628.4 crore, the net interest margin improved to 3.19% from 2.72% a year ago.
PNB Housing Finance said it added ₹12 crore to steady state provision for unforseeable macro-economic factors during the quarter.
The gross non-performing assets (NPAs) stood at 0.84% of the loan assets as on September 30, 2019 as against 0.45% a year ago. Net NPAs stood at 0.65% as against 0.35% a year ago.
The company said the gross NPA at AUM level stood at 0.73% as on September 30, 2019.
Assets under management (AUM) rose 22% to ₹89,470.6 crore as on September 30, 2019 from ₹73,481.5 crore a year ago. "With testing times continuing for the sector, the company maintained its focussed approach towards contained business growth, portfolio quality and financial performance," PNB Housing Finance Managing Director Sanjaya Gupta said.
"As a prudent practice, the company created excess provisions out of the profits arising on account of corporate tax rate cut announced recently by the government," he added. Shares of PNB Housing Finance on Thursday closed 1.45% lower at ₹446.70 on the BSE.