PNB Housing Finance on October 24 reported a 45 per cent rise in net profit at Rs 366.8 crore in the second quarter ended September of this fiscal. The company had posted a net profit of Rs 253 crore in the corresponding July-September period last fiscal.
Total income rose to Rs 2,230.34 crore during the quarter under review from Rs 1,808.26 crore a year ago.
While net interest income rose 36 per cent year-on-year to Rs 628.4 crore, the net interest margin improved to 3.19 per cent from 2.72 per cent a year ago.
PNB Housing Finance said it added Rs 12 crore to steady state provision for unforseeable macro-economic factors during the quarter.
The gross non-performing assets (NPAs) stood at 0.84 per cent of the loan assets as on September 30, 2019 as against 0.45 per cent a year ago.
Net NPAs stood at 0.65 per cent as against 0.35 per cent a year ago.
The company said the gross NPA at AUM level stood at 0.73 per cent as on September 30, 2019.
Assets under management (AUM) rose 22 per cent to Rs 89,470.6 crore as on September 30, 2019 from Rs 73,481.5 crore a year ago. "With testing times continuing for the sector, the company maintained its focussed approach towards contained business growth, portfolio quality and financial performance," PNB Housing Finance Managing Director Sanjaya Gupta said.
"As a prudent practice, the company created excess provisions out of the profits arising on account of corporate tax rate cut announced recently by the government," he added.
Shares of PNB Housing Finance on Thursday closed 1.45 per cent lower at Rs 446.70 on the BSE.
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