Mortgage lender, PNB Housing Finance, today reported a 93 per cent jump in its net profit at Rs 184.8 crore in the quarter ended June helped by higher disbursements.
The company had reported a profit after tax of Rs 95.9 crore in the year-ago period.
"Our disbursements increased by 54 per cent to Rs 7,794 crore in the quarter from Rs 5,068 crore last year. This contributed to rise in profits," the company's managing director, Sanjaya Gupta, said.
During the quarter, disbursements towards housing loan accounted for 65.6 per cent and non-housing loan at 34.4 per cent.
Net interest income grew 64 per cent to Rs 343.6 crore from Rs 209.2 crore.
Gross non-performing assets (NPA) stood at 0.43 per cent as against 0.27 per cent, while net NPA was at 0.33 per cent as against 0.19 per cent.
"The rise in NPAs was due to few large retail accounts," Gupta said.
The cumulative provision for non-performing assets and standard assets was Rs 41.7 crore and Rs 225.5 crore respectively as on June 30.
Asset under management (AUM) grew 50 per cent to Rs 46,755 crore as as against Rs 31,259 crore.
It sold loans worth Rs 3,377 crore under loan assignment route during FY16-17.
The deposit portfolio was up by 35 per cent to Rs 10,025 crore as against Rs 7,436 crore last year same quarter.
The company's cost of funds stood at 8.09 per cent as on June 30 from 8.75 per cent in the same quarter last year.
Gupta said the company plans to raise Rs 13,000 crore through debt instruments over the next six months.
The company's scrip closed at Rs 1,440.25, down 3.19 per cent on the BSE which ended 0.74 per cent down at 32,237.88 today.
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