PNB Housing Finance on April 29 reported a 57 percent YoY rise in its profit after tax at Rs 444 crore in the fourth quarter of the financial year 2023-24.
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On sequential basis, net profit rose 28.01 percent.
The net profit of the company increased on back of rising net interest margins and improvement in the asset quality.
“. We have witnessed a remarkable improvement in the asset quality, which reduced by 57 percent year-on-year. As we move ahead, we look forward with optimism that our fundamentals position us well to achieve the desired growth and profitability,” said Girish Kousgi, Managing Director and CEO of PNB Housing Finance was quoted saying in a release.
NII and NIM
Interest income of the company in the reporting quarter stood at Rs 1,683.69 crore, as compared to Rs 1,580.59 crore in a year ago period.
In the reporting quarter, Net Interest Income (NII) of the company grew 7 percent on-year to Rs 632 crore. On a sequential basis, NII increased just 6 percent. By the end of FY23, NII of the company stood at Rs 2,346 crore.
Net Interest Margin stood at 3.65 percent in January-March quarter, as compared to 3.49 percent in a quarter ago period and 3.74 percent in a year ago period. Gross Margin, net of acquisition cost, stood at 4.18 percent in Q4 FY24.
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Asset quality
Gross Non-Performing Assets stood at 1.50 percent as on March 31, as compared to 3.83 percent in a year ago period and 1.73 percent in a quarter ago period.
Retail GNPA is 1.45 percent as on March 31, 2024, as compared to 2.57 percent as on March 31, 2023 and 1.67 percent as on December 31, 2023.
Corporate GNPA is 3.31 percent as on March 31, 2024 as compared to 22.25 percent as on March 31, 2023, and 3.35 percent as on December 31, 2023, as per company’s press release.
Net NPA stood at 0.95 percent as on March 31, 2024. NNPA in Retail segment is at 0.94 percent and in Corporate segment at 1.11 percent.
Disbursements
The disbursements during FY23-24 grew by 17 percent on-year Rs 17,583 crore. For Q4FY23-24 stood at Rs 5,574 crore registering an increase of 24 percent on-year and by 35 percent on-quarter.
Loan Asset grew by 10 percent on-year and 5 percent on-quarter to Rs 65,358 crore as on Mar 31, 2024.
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Asset under Management (AUM) grew by 7 percent on-year and 4 percent on-quarter Rs 71,243 crore as on March 31, 2024.
