PNB Housing Finance stock closed 0.47% up at ₹1,304.40 on BSE on Thursday.
New Delhi: PNB Housing Finance on Thursday reported a jump of 50% in its net profit at ₹255.80 crore in first quarter of the current fiscal on healthy loan disbursements.
The company had reported a net profit of ₹170.10 crore in the similar April-June period of 2017-18. Total income during the quarter increased to ₹1,616.03 crore from ₹1,160.21 crore in the same period a year ago, it said in a release. Interest income rose by 28% to ₹432.80 crore as against ₹339.30 crore in the same period of the previous fiscal.
“We continue to register a strong double-digit growth in all our business and financial vectors. However, we believe in a profitable growth, hence pre-empting the interest rate scenario, increased our lending rates on the book as well as on incremental disbursements,” managing director Sanjaya Gupta said.
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Among other business metrics, the net interest margin stood at 2.74% in June quarter of 2018-19 as compared to 3.10% in the year-ago period.
“Return on asset is maintained at 1.54% on an average gearing of 8.66 against 6.46 during Q1 FY17-18 resulting in expansion in return on equity to 15.75% for Q1 FY2018-19 vis a vis 11.85% for Q1 FY2017-18,” PNB Housing said.
The company disbursed ₹9,767.30 crore during the quarter, up by 25% from year ago’s ₹7,793.90 crore.
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The asset under management increased by 47% to ₹68,577.50 crore as on 30, June 2018 from ₹46,755.20 crore by June 2017.
PNB Housing said the housing loans consists of 70% and non-housing 30% of the AUM. Loan outstanding grew by a healthy rate of 45% year-on-year ₹63,905.8 crore as on 30th June, 2018.
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On asset quality, the gross non-performing assets (NPAs) stood at 0.43% of the loan assets as on 30 June, 2018 against 0.43% year ago.
At an AUM level, the gross NPAs falls further to 0.41%, it added. Net NPAs were at 0.33% against 0.33%.
“We are in the midst of a stake sale whereby our promoter i.e. Punjab National Bank and our second largest shareholder i.e. Quality Investment Holdings, the Carlyle group, have started the process to sell the controlling stake in the company. While the process is underway, we continue to focus on our business and growth strategy,” Gupta said.
Promoter Punjab National Bank and Carlyle Group are to sell at least 51% stake in the mortgage lender PNB Housing Finance.
PNB owns 32.79% stake and Carlyle Group, through its investment vehicle Quality Investment Holdings Quality Investment Holdings, owns 32.36% of the paid up equity share capital of PNB Housing Finance.
Stock of the company closed 0.47% up at ₹1,304.40 on BSE.