PNB Housing Finance today reported a jump of 50 per cent in its net profit at Rs 255.80 crore in first quarter of the current fiscal on healthy loan disbursements.
The company had reported a net profit of Rs 170.10 crore in the similar April-June period of 2017-18.
Total income during the quarter increased to Rs 1,616.03 crore from Rs 1,160.21 crore in the same period a year ago, it said in a release.
Interest income rose by 28 per cent to Rs 432.80 crore as against Rs 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.
Among other business metrics, the net interest margin stood at 2.74 per cent in June quarter of 2018-19 as compared to 3.10 per cent in the year-ago period.
"Return on asset is maintained at 1.54 per cent on an average gearing of 8.66 against 6.46 during Q1 FY17-18 resulting in expansion in return on equity to 15.75 per cent for Q1 FY2018-19 vis a vis 11.85 per cent for Q1 FY2017-18," PNB Housing said.
The company disbursed Rs 9,767.30 crore during the quarter, up by 25 per cent from year ago's Rs 7,793.90 crore.
The asset under management increased by 47 per cent to Rs 68,577.50 crore as on June 30, 2018 from Rs 46,755.20 crore by June 2017.
PNB Housing said the housing loans consists of 70 per cent and non-housing 30 per cent of the AUM.
Loan outstanding grew by a healthy rate of 45 per cent year-on-year Rs 63,905.8 crore as on 30th June, 2018.
On asset quality, the gross non-performing assets (NPAs) stood at Rs 0.43 per cent of the loan assets as on June 30, 2018 against 0.43 per cent year ago. At an AUM level, the gross NPAs falls further to 0.41 per cent, it added.
Net NPAs were at 0.33 per cent against 0.33 per cent.
"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.
PNB owns 32.79 per cent stake and Carlyle Group, through its investment vehicle Quality Investment Holdings Quality Investment Holdings, owns 32.36 per cent of the paid up equity share capital of PNB Housing Finance.
Stock of the company closed 0.47 per cent up at Rs 1,304.40 on BSE.
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