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PNB Housing in focus: Shares of PNB Housing were buzzing in trade on Thursday, September 5, 2024. The PNB Housing scrip climbed up to 4.94 per cent to hit an intraday high of Rs 1,104.95 per share.
The uptick in share price came after the company announced that its board of directors will meet on September 9, to consider and approve issuance of Non Convertible Debentures up to Rs 2,500 crore on Private Placement Basis, in tranches over the next six months.
Non-Convertible Debentures (NCDs) are a type of debt instrument used by companies and institutions to raise funds from the public or institutional investors.
In an exchange filing, PNB Housing said, “We wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, September 09, 2024, inter alia, to consider and approve issuance of Non – Convertible Debentures up to Rs 2,500 crore (Rupees Two Thousand Five Hundred Crore Only) on Private Placement Basis, in tranches over the next six months.”
Financial performance
PNB Housing Finance posted about a 25 per cent rise in the June quarter (Q1FY25) profit, supported by a steady demand for home loans. The company's consolidated net profit jumped to Rs 433 crore in Q1FY25, up from Rs 347 crore in Q1FY24. Its total disbursements climbed 19 per cent to Rs 4,398 crore. Net interest income, which is the difference between interest earned and interest expended, increased 4 per cent to Rs 651 crore.
PNB Housing Finance, promoted by Punjab National Bank, is among the leading providers of housing and non-housing loans in India.
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The company's offerings include loans for purchasing, constructing, repairing, and upgrading residential properties, as well as loans for commercial spaces, property purchases, and loans against property.
As of FY24, PNB Housing Finance stands as the third-largest Housing Finance Company (HFC) in India, with an impressive Assets Under Management (AUM) of approximately Rs. 71,200 crore.
It also holds the third-largest position by loan book, which grew to Rs 65,300 crore in FY24, and boasts the largest deposits in the sector, totaling Rs. 17,700 crore.
The company's extensive network includes 300 branches and over 14,000 active channel partners.
Looking forward, the company aims to expand its loan book to over Rs 1 lakh crore by FY27, with a focus on increasing its affordable housing segment to 14-16 per cent of the total loan book and targeting emerging markets to contribute 22-25 per cent of the loan book.
At 10:07 AM, shares of PNB Housing were trading 4.55 per cent higher at Rs 1,100.85 per share. In comparison, BSE Sensex was trading 0.05 per cent higher at 82,397.71 levels.
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