PNB Housing Finance’s net profit rose by 12 per cent year-on-year (YoY) to Rs 263 crore in second quarter ended September 2022 (Q2FY23) on the back of improved net interest income and margins.
It had book net profit of Rs 235 crore in quarter ended September 2022 (Q2FY22) as well as in quarter ended June 2022 (Q1FY23)
Its net interest income (NII) expanded by 29 per cent YoY to Rs 649 crore in the reporting quarter. Net interest margin (NOM) stood at 4.14 per cent in Q2 FY23, up from 3.01 per cent in Q2 FY22 and 2.36 per cent in June 2022 (Q1 FY23), HFC said in a statement today.
Delhi-based lender’s stock closed 4.6 per cent up at Rs 451.1 per share on BSE.
The amount of impairment on financial instruments & Write-offs rose to Rs 243 crore in Q2FY23 from Rs 142 crore in Q2FY22.
Dwelling on business, the mortgage lender said it disbursed loans worth Rs 3,594 crore in Q2 FY23, up from Rs 2,961 crore in Q2 Fy22. The disbursements were predominantly in the retail segment.
Its outstanding book shrunk to Rs 57,832 crore as on September 2022 as compared to Rs 60,342 crore as at end of September 2021. It, however, expanded sequentially from Rs 57,287 crore at the end of June 2022.
The retail book grew by two per cent sequentially as compared to portfolio at end of June 2022.
Corporate loans reduced by 44 per cent YoY to Rs 5,708 crore as of September 30, 2022 and eight per cent sequentially over June 2022.
Its asset quality profile improved as Gross Non-performing assets declined by 31 basis points YoY to 6.06 per cent at end of September 2022. Sequentially, it was down by 29 basis points over June 2022. The net NPAs were also down from 3.81 per cent in September 2021 to 3.59 per cent in September 2022. Sequentially, they declined from 4.26 per cent in June 2022.
The portfolio of loans restructured under the RBI’s resolution framework for Covid19 related stress stood at Rs 2,147 crore As on Sept 30, 2022.
Its capital adequacy was 24.1 per cent in September 2022, up from 20.7 per cent a year ago.