PNB Housing Finance Q2 Results: Profit jumps 46% YoY to Rs 383 crore
Agencies
Synopsis
The mortgage lender kept aside Rs 1196 crore as expected credit loss provisions against Rs 2162 crore in the year ago period. This is in line with improvement in asset quality with gross non-performing assets ratio declined by 1.78% at the end of September from 3.39% a year back.
Kolkata: Lower provisions helped PNB Housing Finance report a 46% year-on-year rise in net profit at 383 crore for the quarter ending September 30, while its operating profit for the period was 5% lower at Rs 552 crore.
Its net interest margin stood at 3.95%, 19 basis points lower than what it was in the year-ago period.
The mortgage lender kept aside Rs 1196 crore as expected credit loss provisions against Rs 2162 crore in the year ago period. This is in line with improvement in asset quality with gross non-performing assets ratio declined by 1.78% at the end of September from 3.39% a year back.
The lender's corporate gross NPA stood at 2.86% as compared with 25% a year ago.
Its net Interest Income rose by 2% at Rs 661 crore. "During Q2 FY23, there was a one-off of Rs 160 crore on assigned loans due to benchmark rate resets. Excluding this one-off item, net interest income grew by 35% year-on-year, PNB Housing said in a regulatory filing to stock exchanges.
The lender's gross advances grew by 5% year-on-year to Rs 60,852 crore at the end of September. Retail loans grew by 12% to Rs 58,471 crore. The corporate loan portfolio stood at Rs 2,381 crore, reduced by 58% year-on-year.
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The net profit was Rs 263 crore in the year ago quarter while operating profit was at Rs 583 crore. Its net interest margin stood at 3.95%, 19 basis points lower than what it was in the year-ago period.
The mortgage lender kept aside Rs 1196 crore as expected credit loss provisions against Rs 2162 crore in the year ago period. This is in line with improvement in asset quality with gross non-performing assets ratio declined by 1.78% at the end of September from 3.39% a year back.
The lender's corporate gross NPA stood at 2.86% as compared with 25% a year ago.
Its net Interest Income rose by 2% at Rs 661 crore. "During Q2 FY23, there was a one-off of Rs 160 crore on assigned loans due to benchmark rate resets. Excluding this one-off item, net interest income grew by 35% year-on-year, PNB Housing said in a regulatory filing to stock exchanges.
The lender's gross advances grew by 5% year-on-year to Rs 60,852 crore at the end of September. Retail loans grew by 12% to Rs 58,471 crore. The corporate loan portfolio stood at Rs 2,381 crore, reduced by 58% year-on-year.
