PNB Housing Finance today reported a jump of 44 per cent in its net profit at Rs 219.20 crore in the last quarter ended March of 2017-18.
PNB Housing Finance today reported a jump of 44 per cent in its net profit at Rs 219.20 crore in the last quarter ended March of 2017-18. The company had made a net profit of Rs 152.4 crore in the corresponding period of 2016-17. The total income during the quarter rose to Rs 1,570.21 crore as against Rs 1,438.63 crore in the March quarter of 2016-17, the company said in a release. Net interest income during January-March of 2017-18 grew by 36 per cent to Rs 451.8 crore from Rs 332.7 crore in the same period a year ago.
PNB Housing Finance said it sold loans worth Rs 3,128.50 crore under direct assignment route in the last quarter ended March 2018. For the full year, the net profit jumped by 58 per cent to Rs 829.4 crore from Rs 523.7 crore in 2016-17. Total income during the year rose to Rs 5,516.95 crore as against Rs 3,907.85 crore in the previous fiscal.
Net interest income for the year rose to Rs 1,592.6 crore as against Rs 1,034.8 crore registering a growth of 54 per cent. The board of directors has recommended a final dividend of Rs 9 per equity share for 2017-18. Dividend payout ratio for the year inclusive of dividend distribution tax is 21.88 per cent, it said.
On asset quality, gross non-performing assets (NPAs) stood at 0.33 per cent of the loan assets as on March 31, 2018 against 0.22 per cent as on March 31, 2017, the company said. At an asset under management (AUM) level the gross NPA falls further to 0.31 per cent, it added. Net NPA stood at 0.25 per cent of the loan assets as by end-March, 2018 against 0.15 per cent in the same year ago period, said the PNB subsidiary.
“The financial year 2017-18 was the first full year results post our initial public offer. During the year, we achieved double-digit growth supported by a healthy segment mix without compromising on credit quality and underwriting processes,” said Sanjaya Gupta, Managing Director, PNB Housing Finance .
“We are a fifth largest housing finance company with the asset under management of Rs 62,252 crore as on March 31, 2018. We continue to build on our growth strategy enabled by new capacities and right sized competencies,” Gupta said. It offers housing and non-housing loans to retail customers. It also offers construction finance loans to real estate developers for residential housing. Stock of PNB Housing Finance closed 0.12 per cent down at Rs 1,414.35 apiece on BSE today.