PNB Housing Finance shares up by 11% as Q2 net profit surges by 23%
PNB Housing Finance reported a 22.6% increase in September quarter net profit at Rs 469.68 crore. In the same quarter a year ago, the post-tax profit was Rs 383 crore.
PNB Housing Finance shares up by 11% as Q2 net profit surges by 23%
The Shares of PNB Housing Finance recorded over 10% increase on Friday after the housing finance company released its financial results for the second quarter of the current fiscal year. In the early trade, the stock rose as much as 10.7% to Rs 1,034.95 apiece on the National Stock Exchange. Currently, the scrip was up 5.2% at Rs 983.
PNB Housing Finance reported a 22.6% increase in September quarter net profit at Rs 469.68 crore. In the same quarter a year ago, the post-tax profit was Rs 383 crore. Revenue from operations increased 4.5% to Rs 1,780.31 crore in the quarter against Rs 1,703.86 crore in the year-ago period.
The company reported an improvement in asset quality. The gross non-performing assets (GNPA) ratio stood at 1.24%, a decline from 1.78% in the corresponding period last fiscal year. In Q1 FY25, GNPA was at 1.35%. Net interest income rose 1.2% year-on-year (YoY) to Rs 669 crore, while the net interest margin (NIM) fell to 3.68% from 3.96% in Q2 FY24.
Read Also : What Is Covered Under Third-Party Car Insurance and How It DiffersIn Q2 FY25, retail disbursement expanded by 28% YoY to Rs 5,341 crore. Affordable and emerging markets segments accounted for 31% of the retail disbursement, the housing financer said in an exchange filing.
As of September 30, 2024, retail loan asset stands at Rs 67,970 crore. "Affordable and Emerging Markets segments form 23% of the Retail Loan Asset," the company said.
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