PNB Housing Finance Q2 net up 78 percent

Sat 19 Nov 2016, 11:37:47
PNB Housing Finance on Tuesday reported a rise of 78.3 per cent in net profit at Rs 137.65 crore for the quarter ended September 30, 2016.Its net profit stood at Rs 77.20 crore in the corresponding July-September quarter of the previous fiscal.
This is company’s first balance sheet declared to stock exchanges after it was listed on NSE and BSE last month.
Total income rose by 50.8 per cent to Rs 970.17 crore during the second quarter of 2016-17, against Rs 643.21 crore in same period of previous fiscal, it said in a regulatory filing.For the half year period (April-September), PNB Housing Finance’s net profit increased by 75 per cent to Rs 233.6 crore, against Rs 133.6 crore.
Income on the half yearly basis increased to Rs 1,833.02 crore from Rs 1,203.64 crore year ago.
Sanjaya Gupta, Managing Director of the company, said that the half yearly results have been in line with company’s expectations.“The infusion of equity in the company will allow us to spread our branch

network and grow our loan book. This will be in line with our growth and fixed cost optimisation strategy which will lead to improvement in the profit margins going forward,” Gupta added.
The asset under management (AUM) grew by Rs 34,896 crore as on September 30, 2016 from Rs 22,347 crore a year ago.Loan outstanding at the end of September 2016 stood at Rs 32,236 crore. The deposit portfolio grew by 14 per cent to Rs 7,831 crore as on September 30 ,2016 from Rs 6,877 crore a year earlier.
On asset quality, gross non-performing assets (NPAs) were at 0.26 per cent of the loan assets as on September 30, against 0.23 per cent a year ago.
Net NPAs or bad loans were 0.18 per cent of net advances, against 0.09 per cent in the same period a year ago.The company also launched Unnati Home Loans during the first half of the current fiscal to cater to the mass housing segment in tier-II and III cities.
This is to boost disbursements in the affordable housing loan segment, it said.

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