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 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