PNB Housing Finance, a prominent financial institution, achieved a remarkable increase of 64.73 percent in its net consolidated profit for the quarter ending March 31, 2023. With a profit after tax of Rs. 279.28 crore, compared to Rs. 169.54 crore in the previous fiscal year, the company showcased its strong financial performance. The quarter also witnessed successful asset sales and a rights issue, contributing to the company's growth and strategic plans.
In the quarter ending March 31, 2023, PNB Housing Finance recorded a substantial increase of 64.73 percent in its net consolidated profit. The company achieved a profit after tax of Rs. 279.28 crore, compared to Rs. 169.54 crore in the same period of the previous fiscal year. Additionally, the net consolidated total income for Q4 FY23 reached Rs 1,637.72 crore, reflecting a growth of 14.86% from the Rs 1,425.83 crore reported in the corresponding period of FY22.
During this quarter, PNB Housing Finance successfully sold "Assets held for Sale" and "written off loan assets" to a bank. The total value of the assets sold amounted to Rs 321.83 crore, with a selling price of Rs 68 crore and a net book value of Rs 82.24 crore. Furthermore, the company issued equity shares through a rights issue, following the board of directors' permission. The rights issue was oversubscribed by 1.21 times, with 9,06,81,828 fully paid-up equity shares allocated to eligible shareholders, raising a total of Rs 2,493.76 crore at a price of 275 rupees per equity share. The proceeds from the rights issue will be utilized to finance strategic growth plans and capitalize on the growth potential available.
As of March 31, 2023, PNB Housing Finance had a net worth of Rs 10,952.57 crore. The company maintained a debt-to-equity ratio of 4.90 and a total debt to total asset ratio of 0.80. It achieved a net profit margin of 17.38% and experienced a decrease in gross non-performing assets (NPAs) by 430 basis points to 3.83%, along with a decline in net NPAs by 2.76%. The Capital Risk Adequacy Ratio stood at 24.4%. Notably, disbursements during FY23 increased by 33% year-on-year, reaching Rs 14,965 crore. The total revenue for Q4 FY23 amounted to Rs 4,495 crore, representing a yearly growth of 22% and a quarterly growth of 31%. The assets under management as of March 31, 2023, were recorded at Rs 66,617 crore, compared to Rs 66,983 crore on March 31, 2022.
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