PNB Housing Q1 results: The revenue from operations for the company also recorded a YoY rise of 20.55 per cent compared to the same period last year
'The HFC recently entered the affordable segment, and disbursed around Rs 137 crore till the end of Q4 of 2022-23'
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
Stock to Watch on Tuesday, May 9: Canara Bank's net profit rose 90.6 per cent year-on-year (YoY) at Rs 3,175 crore in Q4FY23
PNB Housing Finance promoted by Punjab National Bank (PNB) has raised Rs 2,494 crore from the rights issue to fund business growth. The issue closed on April 27, 2023, PNB Housing Finance said in a statement. The company intends to utilise the net proceeds from the issue towards augmenting its capital base. Post the rights issue, the shareholding of PNB as a promoter of the company would come down from the current level of 32.53 per cent to below 30 per cent, but it would be higher than 26 per cent so that the bank retains promoter status. In March 2022, PNB Housing's board approved the Rs 2,500-crore rights issuance, and in November last year, the board cleared the draft letter offer that was to be filed with the Sebi. PNB Housing was looking to raise equity capital worth Rs 4,000 crore, and had entered into a deal with joint venture partner Carlyle Group, among other investors, in May 2021. However, in October 2021, the mortgage lender decided to terminate the Rs 4,000 crore sta
PNB Housing Finance, an arm of state-owned Punjab National Bank, has received capital markets regulator Sebi's go ahead to raise up to Rs 2,500 crore through rights issue of shares. The housing finance firm, which had filed draft papers with Sebi in December 2022 regarding the rights issue, obtained its 'observations' on March 6, which is necessary for any company to launch the issue, an update the markets regulator showed on Monday. Going by the draft papers, PNB Housing will issue fully paid-up equity shares of the company by way of a rights issue to its existing shareholders for an amount not exceeding Rs 2,500 crore. The company intends to utilise the net proceeds from the issue towards augmenting its capital base. Post the rights issue, the shareholding of Punjab National Bank (PNB) as a promoter of the company would come down from the current level of 32.53 per cent to below 30 per cent but it would be higher than 26 per cent so that the bank retains promoter status. In Marc
PNB Housing Finance on Tuesday reported 43 per cent growth in consolidated profit after tax (PAT) at Rs 269 crore for the third quarter ended December 31, 2022. The company's net profit was Rs 188 crore in October-December period of 2021-22. Loan asset stood at Rs 58,034 crore as on December 31, 2022, as compared to Rs 57,845 crore by the year-ago period. During the quarter, the company's retail loan asset grew 6.6 per cent, while gross non-performing assets stood at 4.87 per cent as on December 31. PNB Housing Finance Managing Director & CEO Girish Kousgi said the company is making progress in growing retail loan asset and improving asset quality. "We continue to focus on loan asset growth and asset quality improvement while being profitable," he said. The company has 159 branches with presence in 113 cities. Shares of PNB Housing Finance closed at Rs 556.90 apiece , up 4.87 per cent over the previous close on the BSE.
The domestic housing finance sector is now witnessing robust demand after the pandemic and the country's fourth largest player, PNB Housing Finance, expects a strong growth of 40 per cent in disbursals this fiscal year, the company chief said. During the COVID pandemic, housing shortage in the country increased because of mobility issues, but after that the demand kept quite well, Girish Kousgi, Managing Director and Chief Executive Officer PNB Housing Finance said. "If you look at the real estate space, the pace started one and half years back and now we are just through the journey. So with the real estate boom coupled with economic activity in the country and high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust and we are witnessing this. "I think this year, we will be able to show growth of 40 per cent on disbursements and loan book growth of close to 10 per cent," Kousgi told PTI in an interview. In the first
PNB Housing Finance on Thursday reported 11.7 per cent rise in net profit at Rs 262.63 crore for September quarter 2022-23 on a modest rise in core income. The non-banking finance company had logged a net profit of Rs 235.21 crore in the year-ago period. Total income increased to Rs 1,683.43 crore from Rs 1,586.41 crore in the same period of 2021-22, PNB Housing Finance said in a regulatory filing. Core interest income of the Delhi-based housing finance company rose 6.5 per cent in the quarter to Rs 1,597.54 crore as against Rs 1,499.88 crore in the year-ago period. Total expenses moved up nearly 4 per cent to Rs 1,343 crore from Rs 1,295.21 crore. Promoted by the country's second largest state-owned lender Punjab National Bank (PNB), the company is engaged in the business of providing loans for purchase, construction, repairs and renovations of housing and commercial properties. On the asset front, gross non-performing assets (NPAs or bad loans) stood at 6.05 per cent of gross .
Disbursements during reporting quarter almost doubled to Rs 3,451 crore compared to Rs 1,759 crore in Q1FY22
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The payment was made under settlement rules, which allow an alleged wrongdoer to settle a matter without admitting or denying the guilt
The housing finance player, part of state-owned PNB, and the 12 individuals, who were directors of the company as on May 31, 2021, jointly paid Rs 72.76 lakh towards settlement
Its net interest income fell by 37 per cent in the reporting quarter to Rs 377 crore
Net interest income was down by 37 per cent at Rs 377 crore from Rs 593 crore
The bank is roping in an IT vendor for building a digital interface platform for co-lending to manage risks, accounting, reconciliation, minimise physical interface and reduce defaults
SBI expects to grow home loan book to Rs 7 trn by 2024
In October 2021, PNB HFC dropped plans for a preferential issue of equity shares to raise Rs 4,000 crore from a group of investors led by private equity fund Carlyle
PNB Housing Finance had decided to sell a part of its stake to a group of investors led by private equity firm Carlyle in May
PNB Housing's gross non performing assets rose to 7.64% in Oct-Dec, 2021 as compared to 5.94% a quarter ago