PNB Housing Finance Sees 25% Net Profit Increase in Q1 2024

PNB Housing Finance reported a 25% rise in net profit to Rs 433 crore for Q1 2024. Total income increased to Rs 1,832 crore from Rs 1,708 crore a year ago. While net interest income grew by 4% to Rs 651 crore, the net interest margin decreased to 3.65%. Gross NPAs fell to 1.3%.

PNB Housing Finance on Thursday reported a 25 per cent improvement in its net profit, reaching Rs 433 crore in the first quarter ending June 2024. This marks an increase from Rs 347 crore in the same quarter a year earlier.

Total income for the quarter rose to Rs 1,832 crore, compared to Rs 1,708 crore in the same period of the previous fiscal year, according to a regulatory filing by PNB Housing Finance. The lender's interest income for Q1 was higher, at Rs 1,739 crore against Rs 1,667 crore in the prior year's quarter.

Net interest income saw a 4 per cent growth, reaching Rs 651 crore by the end of Q1 2024. However, the net interest margin dipped to 3.65 per cent from 3.86 per cent in Q1 of the previous year. The company also reported a decrease in gross Non-Performing Assets (NPAs), which fell to 1.3 per cent from 3.76 per cent as of June 2023.

(With inputs from agencies.)