PNB Housing Finance has released impressive financial results, with a striking 45.83% increase in consolidated net profit during Q2 FY24, reaching Rs 383 crore compared to the previous year. Their total income also saw robust growth, surging by 5.70%. The credit for this achievement goes to successful efforts in resolving a major corporate account, which significantly reduced their non-performing assets. With a solid financial position, boasting a strong CRAR of 30.38%, PNB Housing Finance demonstrates robust performance and a commitment to affordable housing, reflecting its unwavering dedication to financial excellence and growth.
PNB Housing Finance has unveiled impressive financial results, recording a substantial 45.83 percent growth in its consolidated net profit for the quarter ending on September 30, 2023. The profit after tax for Q2 FY24 amounted to a robust Rs 383 crore, representing a substantial increase compared to the previous fiscal year's corresponding quarter, where it stood at Rs 262.63 crore. This noteworthy announcement was disseminated through a formal filing with the Bombay Stock Exchange (BSE). Equally commendable is the company's performance in terms of net consolidated total income, which reached a figure of Rs 1,779.40 crore in Q2 FY24.
This is indicative of a robust 5.70 percent growth from the sum of Rs 1,683.43 crore registered during the analogous quarter of the previous fiscal year. Girish Kousgi, the Managing Director and CEO of the company, attributed this remarkable performance to their unwavering efforts, underscoring their success in resolving and fully recovering a significant corporate account. This achievement played a pivotal role in reducing their GNPA to le 1.78 percent by September 30, 2023. Kousgi also expressed pride in the significant progress made within their affordable housing portfolio over the preceding three quarters, asserting their confidence in fulfilling their commitments.
The company's return on assets (ROA) for FY23–24 stands at an impressive 2.14 percent on an annualized basis. Furthermore, during the same quarter, the company allocated 35,866 equity shares, each valued at Rs 10, in response to the exercise of stock options and restricted stock units by their dedicated employees. As of September 30, 2023, PNB Housing Finance boasts a robust financial position with a net worth of Rs 14,155 crore, a 3.78 debt-equity ratio, and a 21.74 percent net profit margin. Their GNPAs) are at 1.78 percent, and their net non-performing assets (NPAs) are at 1.19 percent.
The company's retail loan assets achieved a remarkable 12 percent year-on-year growth, totalling Rs 58,471 crore as of September 30, 2023, comprising 96 percent of their total loan assets at Rs 60,852 crore. Additionally, the affordable housing sector contributed around 9 percent to their retail disbursements in Q2 FY23–24. In terms of total disbursements, there has been a commendable 12 percent year-on-year increase during H1 FY24, with the figure reaching a substantial Rs 7,866 crore.
Moreover, for Q2 FY24, the total disbursements amounted to Rs 4,180 crore, signifying a remarkable 16 percent year-on-year growth. Additionally, the company's assets under management (AUM) increased by 2 percent YoY, totalling Rs 67,415 crore by September 30, 2023. PNB Housing Finance also proudly presents its CRAR, which stood at an impressive 30.38 percent as of September 30, 2023. Notably, Tier I capital was at 28.50 percent, and Tier II capital was at 1.88 percent. This is a substantial increase compared to the figures recorded on September 30, 2022, where the CRAR was 24.07 percent, Tier I capital was at 21.79 percent, and Tier II capital was at 2.28 percent.
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