PNB Housing Q2FY24 result: Profit up 45% YoY to Rs 383 cr, income up 5%

PNB Housing on Monday reported a jump of 45.83 per cent in its consolidated net profit in the quarter ended September 30 to Rs 383 crore, as compared to Rs 262.63 crore in the same quarter last year. As compared to Rs 347.32 crore in Q1FY24, the net profit was up 10.27 per cent.

The total income for Q2FY24 came in at Rs 1,779.4 crore, compared to Rs 1,683.43 crore y-o-y. This is a rise of 5.7 per cent. On a q-o-q basis, the total income was up 4.19 per cent. It was Rs 1,707.72 crore in Q1FY24.

In a press release, the company stated that it has 200 branches, and its affordable business presence has expanded to 89 branches. The company's retail loan asset grew by 12 per cent y-o-y to Rs 58,471 crore, which is 96 per cent of the loan asset. PNB Housing's operating expenditure increased by 24 per cent y-o-y and 12 per cent q-o-q to Rs 168 crore.

Girish Kousgi, managing director and chief executive officer, said, "During the first half of the financial year, we have witnessed progress across key business parameters like growth, asset quality and profitability. Our consistent efforts have enabled us to resolve and fully recover a large corporate account, which further aided in reducing our GNPA below 2 per cent to 1.78 per cent, as on September 30, 2023."

The PNB Housing stock closed at Rs 709 on Monday.