PNB Housing Finance spurts after stellar Q1 result

PNB Housing Finance surged 5.22% to Rs 1,515.40 at 09:49 IST on BSE after net profit jumped 92.65% to Rs 184.75 crore on 38.16% rise in net sales to Rs 1192.15 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 3 August 2017.

Meanwhile, the S&P BSE Sensex was down 1.95 points or 0.01% at 32,235.93.

On BSE, 37,000 shares were traded in the counter, compared with average daily volume of 47,028 shares in the past one quarter. The stock hit a high of Rs 1,533.90 and a low of Rs 1,499 so far during the day. The stock hit a record high of Rs 1,696.80 on 14 June 2017. The stock hit a 52-week low of Rs 789.25 on 16 November 2016.

The large-cap company has equity capital of Rs 166.59 crore. Face value per share is Rs 10.

PNB Housing Finance said that the spread on average loan assets is 2.14% and Net Interest Margin on the average interest earning assets is 3.16% for Q1 June 2017.

The cumulative provision for non-performing assets and standard assets is Rs 41.7 crore and Rs 225.5 crore respectively as on 30 June 2017. In addition, the cumulative provision for contingencies is Rs 39.48 crore, over and above the provisions required to be maintained as per NHB Directions. Loan outstanding grew by a healthy rate of 42% to Rs 44003 crore as on 30 June 2017 of which housing loans consists 70% and non housing is 30%.

Gross non performing assets (NPA) stood at 0.43% of the loan assets as on 30 June 2017 against 0.27% as on 30 June 2016. The gross NPAs on AUM basis were 0.40% as on 30 June 2017. Net NPA stood at 0.33% of the loan assets as on 30 June 2017 against 0.19% as on 30 June 2016.

As on 30 June 2017 the company has 66 branches with presence in 40 unique cities and 18 hubs. This includes 3 new branches made operational during the quarter. The company also services the customers through 28 outreach locations.

Sanjaya Gupta, Managing Director, PNB Housing Finance said that as a housing solution provider, the company believes the government led actions with the mission of Housing for All by 2022 and Pradhan Mantri Awas Yojna (PMAY) along with Real Estate Regulatory Authority (RERA) Bill have inducted substantial positivity in the sector especially from a long term perspective.

PNB Housing Finance is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The company offer its retail customers housing and non-housing loans. The company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company.

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