PNB Housing Q3 net profit falls 19%, asset quality deteriorates

PNB Housing's gross non performing assets rose to 7.64% in Oct-Dec, 2021 as compared to 5.94% a quarter ago

PNB Housing Finance’s net profit in October-December dropped 19 per cent to Rs 188 crore on the back of a 20 per cent decline in interest income and deteriorating asset quality.

The mortgage lender’s interest income dropped to Rs 1,411 crore from Rs 1,758 crore reported in the same quarter last year. Its net interest income fell 26 per cent year-on-year (YoY) to Rs 439 crore. Net interest margin dropped 2.67 per cent during the quarter from 3.01 per cent in the previous quarter and 3.18 per cent in the year-ago period.

PNB Housing’s gross non-performing assets rose to 7.64 per cent