 "Q4")
The consolidated net profit of PNB Housing Finance increased by 57 per cent year-on-year to Rs 439 crore in the January-March quarter of financial year 2024 (Q4 FY24), compared to Rs 279 crore in the year-ago quarter. Sequentially, profit increased 30 per cent from Rs 338 crore in the third quarter of FY24.
The net interest income (NII) of the housing financier grew by 7 per cent to Rs 632 crore in the reporting quarter from Rs 593 crore in the year-ago period. The net interest margin (NIM) slipped to 3.65 per cent as compared to 3.74 per cent last year but was flat sequentially compared to the December 2023 quarter.
The net fees and other income increased to Rs 110 crore in Q4 FY24 from Rs 33 crore in the corresponding quarter of the year-ago period.
The asset quality improved sequentially, with the gross non-performing asset (NPA) ratio declining to 1.50 per cent as of March 31, 2024, compared to 1.73 per cent as of December 31, 2023. Retail GNPA was at 1.45 per cent compared to 1.67 per cent. Corporate GNPA was at 3.31 per cent as of March 31, 2024, compared to 3.35 per cent as of December 31, 2023.
The net NPA ratio stood at 0.95 per cent as of March 31, 2024, compared to 1.14 per cent in the previous quarter. In the Retail segment, it was 0.94 per cent and in the Corporate segment, it was at 1.11 per cent.
The operating expenditure increased by 23 per cent year-on-year to Rs 176 crore as compared to Rs 143 crore in Q4 FY23 mainly due to branch expansion and the upgradation of IT infrastructure. “With the opening of new branches, we have not only expanded our reach but also strengthened our presence in Tier II and III markets,” said Girish Kousgi, managing director & chief executive officer, PNB Housing Finance.
More From This Section
The cost of borrowing for the company also rose to 7.98 per cent in the quarter under review as compared to 7.76 per cent last year.
The board of PNB Housing Finance has approved a proposal for the issuance of non-convertible debentures (NCDs) up to Rs 2,500 crore on a private placement basis in one or more tranches.
