PNB Housing Finance Q1 result: Net profit up 47.8% to Rs 347.32 cr

PNB Housing Finance on July 24 reported a 48% annual increase in its profit after tax (PAT) in the first quarter of the current financial year (Q1FY24). The Punjab National Bank-promoted housing finance company recorded PAT of Rs 347 crore during the quarter ended June 30, 2023, as against Rs 234.96 crore in the same period last fiscal (Q1FY23). Quarter on quarter, the housing finance company saw net profit increase 24.4% from Rs 279.28 crore in Q4FY23.

Total revenue from operations increased 21% annually to Rs 1,707.63 crore from Rs 1,410.70 crore in Q1FY23. Its total income was up at Rs 1,707.72 crore in Q1FY24 as against Rs 1,411.99 crore in Q1FY23.

On the other hand, operating expenditure during the quarter increased by 26% YoY and 5% QoQ to Rs 150 crore while net interest income improved by 70% YoY and 6% QoQ to Rs 629 crore.

Girish Kousgi, managing director & CEO, PNB Housing Finance, said: “The first quarter of this financial year has kick-started on a positive note, as we have achieved growth across all key business and financial parameters. Owing to our ongoing efforts in the retail business, our Loan book crossed Rs 60,000 crore mark. We have also witnessed improvement in asset quality, resulting in higher profitability. This quarter the company’s annualised ROA is at 2.07%, highest in a decade.With a successful completion of the Rights Issue, we now possess adequate capital to fuel our growth. We are optimistic about the prevailing real estate demand, and with our focus on identified strategic objectives, we look forward to capitalising on available market opportunities and accelerating our growth journey ahead.”

“The company has successfully completed its rights issue of Rs 2,493.76 crore in May 2023. The issue was subscribed by around 1.21 times. The issue witnessed participation from all top 4 shareholders viz PNB, Carlyle, Ares SSG, General Atlantic and other large domestic and foreign institutional investors. The proceeds are being utilised to fund strategic growth plans and capitalise on the available growth opportunities,” the company said in a statement.

The National Housing Bank-registered company got listed on the Indian stock exchanges in November 2016. Its asset base comprises retail loans and corporate loans. The retail business focuses on organised mass housing segment financing for acquisition or construction of houses. In addition, it also provides loans against properties and loans for purchase & construction of non-residential premises. Corporate loans are mainly to developers for construction of residential/commercial properties, corporate term loans and lease rental discounting.