PNB Housing Q4 Results: Profit rises 25% to Rs 550 crore; asset quality improves
PNB Housing Finance
has reported a 25% year-on-year jump in net profit for the fourth quarter at Rs 550 crore, backed by steady business growth and improvement in asset quality.
Net profit for the entire financial year stood at Rs 1,936 crore against Rs 1,508 crore reflecting a 28% rise.
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The lender's net interest margin stood at 3.75% for the quarter, improved from 3.70% in the preceding quarter and 3.65% in the year-ago period. Net interest income grew 16% at Rs 734 crore.
Its pre-provision operating profit stood 14% higher at Rs 646 crore for the quarter against the year-ago period.
"The company delivered strong performance across multiple parameters and surpassed its stated guidance for the year on growth, asset quality and profitability," managing director Girish Kousgi said.
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The company's assets under management expanded 13% year-on-year to Ts 80,397 crore at the end of the last fiscal, while on-book loan assets grew 16% to Rs 75,765 crore. Out of this, retail loans grew 18% to Rs 74,802 crore.
Its gross non-performing assets ratio fell by 42 basis points year-on-year to 1.08% at the end of March 31. The lender managed to recover Rs 336 crore from written-off loans.
The PNB Housing board recommended a dividend of Rs 5 per equity share having face value of Rs 10 apiece.
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