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PNB Housing Sept qtr net down 25% to Rs 235 cr even as housing demand rises

Consolidated interest income drops to Rs 1,500 cr from Rs 1,960 cr in the same quarter last year. NII down 23% to Rs 503 cr

PNB Housing | Q2 results | housing project

Nikunj Ohri  |  New Delhi 

pnb housing
Photo: Shutterstock

Finance’s (PNB HF) net profit in July-September dropped 25 per cent year-on-year to Rs 235 crore even as demand for residential properties picked up post the second Covid-19 wave.

The non-bank lender’s consolidated interest income dropped to Rs 1,500 crore from Rs 1,960 crore reported in same quarter last year. Net interest income (NII) during the quarter dropped 23 per cent year-on-year to Rs 503 crore from Rs 651 crore a year earlier. The lender’s expenses during the quarter were Rs 1,295 crore, against Rs 1,625 crore last year.

Gross non-performing assets (NPA) of the mortgage lender rose to 5.92 per cent in July-September from 2.59 per cent in the same quarter last year. In April-June, the non-bank lender’s gross NPAs were at 6 per cent. Net NPA during the July-September quarter was at 3.32 per cent.

The lender’s board has also approved issuance of secured and unsecured non-convertible debentures of up to Rs 2,000 crore in one or more tranches, on private placement basis, it informed the stock exchanges.

Last month, the mortgage lender dropped its plan for a preferential issue of equity shares to raise Rs 4,000 crore from a group of investors led by private equity fund Carlyle due to protracted litigation and uncertainty over approvals.

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First Published: Tue, November 02 2021. 21:38 IST