The consolidated net profit of PNB Housing Finance rose 48% year-on-year in April-June on the back of strong loan growth and an improvement in asset quality. The non-banking financial company’s bottom-line was Rs 347 crore, up 24% on a sequential basis.
Loan assets rose 5% y-o-y to Rs 60,395 crore as on June 30. Retail loan asset grew by 11% y-o-y to Rs 56,978 crore as on June 30, which is 94% of loan assets.
On the other hand, corporate loans fell 45% y-o-y to Rs 3,416 crore. The disbursements grew 7% y-o-y to Rs 3,686 crore in the June quarter.
Gross non-performing asset ratio fell to 3.76% as on June 30 from 6.35% a year ago. Net non-performing asset ratio stood at 2.59% as on June 30. Net interest income improved by 70% y-o-y to Rs 629 crore in the June quarter.
The company had successfully completed a rights issue of Rs 2,493.8 crore in May 2023. The issue was subscribed by around 1.21 times. The issue witnessed participation from four shareholders. These are PNB, Carlyle, Ares SSG, General Atlantic and other large domestic and foreign institutional investors.
The proceeds from rights issue are being utilised to fund strategic growth plans and capitalise on the available growth opportunities.
“With a successful completion of the rights Issue, we now possess adequate capital to fuel our growth,” managing director and chief executive officer Girish Kousgi said.
“We are optimistic about the prevailing real estate demand and with our focus on identified strategic objectives, we look forward to capitalising on available market opportunities and accelerating our growth journey ahead,” he added.