PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr

PNB Housing Finance on Thursday reported an 11.7 per cent rise in net profit at Rs 262.63 crore for the September quarter of 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.

The 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 the 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 advances as of September 30, 2022. Net NPAs were at 3.59 per cent.

PNB Housing Finance stock closed at Rs 451.10, up 4.59 per cent, on the BSE.

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