PNB Housing Finance Q4 results: Consolidated profit rises 64% to Rs 279 cr

PNB Housing Finance Limited promoted by Punjab National Bank (PNB), on Thursday, posted a consolidated profit of Rs 279 crore for the March quarter. This is 64.11 per cent rise from Rs 170 crore a year ago, the company statement said.

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

In a regulatory filing, PNB Housing Finance said, “the company successfully completed 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 and other large domestic and foreign institutional investors.”

“The proceeds from rights issue will be utilised to fund strategic growth plans and capitalize on the available growth opportunities, the company said in BSE filing.

PNB Housing Finance’s retail loan asset grew by 10 per cent YoY to Rs 55,471 crore as on 31st March 2023, which is 93.6 per cent of loan asset.  Loan asset is at Rs 59,273 crore as on 31st March 2023 as compared to Rs 58,034 crore as on 31 December 2022.

Affordable segment presence expanded to 82 branches and outreaches as on 31st March 2023.

Capital risk adequacy ratio stood at 24.4 per cent as on 31st March 2023 and Tier I at 22.4 per cent, the company said in a statement.

ICRA, CRISIL & India Ratings has upgraded the outlook to ‘stable’ from ‘negative’ in FY23.

"We are pleased to report that this fiscal year has been incredibly eventful for us. After 13 quarters, we have achieved the highest retail disbursement and loan asset as an outcome of our ongoing efforts to build the retail business. We have also witnessed a remarkable improvement in the asset quality which reduced by 52 per cent year-on-year,” said Girish Kousgi, managing director & CEO.

“As another milestone we have successfully concluded our rights issue, which received an overwhelming response resulting in 1.21x subscription. This demonstrates the investors' confidence in the Company. The infusion of capital will enable us to capitalise on the available growth opportunities," he added.  

Shares of PNB Housing Finance closed 2.5% higher at Rs 480.40 ahead of results.