PNB Housing Finance Q4 Results Net Up 64% To Rs 279 Cr

Housing finance company PNB Housing Finance on Thursday reported a 64 per cent year-on-year (YoY) increase in the net profit at Rs 279 crore from Rs 170 crore last year, in the March 2023 fourth-quarter end.

The company’s consolidated interest income jumped by 22.32 per cent to Rs 1,589 crore for the March quarter to Rs 1,299 crore in the year-ago period.

In a regulatory filing, the housing finance company highlighted the successful completion of Rs 2,493.76 crore in May 2023.

It said, the issue was subscribed by around 1.21 times and witnessed participation from all top four shareholders including larger domestic and foreign institutional investors.

The proceeds from the rights issue will be used to fund strategic growth plans, capitalising on the available growth opportunities, the company added in BSE filing.

PNB’s retail loan asset grew by 10 per cent YoY to Rs 55,471 crore as on 31st March 2023, a 93.6 per cent loan asset. While the loan asset stood at Rs 59,273 crore as on 31st March 2023 as compared to Rs 58,034 crore as on 31 December 2022.

The capital risk adequacy ratio further stood at 24.4 per cent as on 31st March 2023 and Tier I at 22.4 per cent. Subsequently, the ICRA, CRISIL and India Ratings upgraded their stable outlook from negatives in FY23.

Shares of PNB Housing Finance closed by a higher 2.5 per cent at Rs 480.40 ahead of results.