PNB Housing Q1 FY24 results: Net profit rises 48% YoY to Rs 347 crore

PNB Housing Q1 results: The revenue from operations for the company also recorded a YoY rise of 20.55 per cent compared to the same period last year

PNB Housing Finance Limited, promoted by Punjab National Bank (PNB), registered a 48.29 per cent rise in its year-on-year (YoY) net profits to Rs 347.32 crore for the first quarter of the current financial year (Q1FY24) compared to the Q1FY23.

The revenue from operations for the company also recorded a YoY rise of 20.55 per cent compared to the same period last year.

PNB Housing Finance Limited had posted a consolidated profit of Rs 279 crore for the March quarter. 

Total income in the first quarter of the current fiscal rose to Rs 1,707.72 crore, from Rs 1,411.99 crore in the same period a year ago, the firm  said in a regulatory filing.

On June 30, the GNPAs were 3.76 per cent. The net NPAs were 2.58 per cent as of June 30. 

Last month, PNB Housing Finance received its board approval to raise Rs 5,000 crore in bonds to fund its expansion.

The non-convertible debentures will be issued to investors on a private placement basis, the company had told stock exchanges
 

After an equity infusion of Rs 2,490 crore through rights issue of shares, this will be the second fundraising by the PNB Housing Finance this financial year.

 PNB Housing is planning to focus on reducing delinquencies in 2023-24, Its managing director and  chief executive officer Girish Kousgi had said in May.

The company intends to utilise the net proceeds from the issue towards augmenting its capital base.

Post the rights issue, the shareholding of PNB as a promoter of the company would come down from the current level of 32.53 per cent to below 30 per cent, but it would be higher than 26 per cent so that the bank retains promoter status.