PNB Housing Finance's Impressive Profit Surge Boosts Market Confidence
PNB Housing Finance reported a significant 25% rise in net profit, reaching Rs 550 crore for the March quarter. Shares surged nearly 10% due to this positive financial performance. The company's total income increased to Rs 2,037 crore with notable improvements in interest income and net interest margin.

- Country:
- India
Shares of PNB Housing Finance experienced a near 10% surge on Tuesday, driven by the company's announcement of a notable 25% increase in net profit for the March quarter, totaling Rs 550 crore. This robust performance has bolstered market confidence significantly.
The stock price of PNB Housing Finance leaped by 9.99% to Rs 1,085.40 on the BSE and showed a similar rise of 9.99% to Rs 1,084.85 at the NSE. The firm had previously recorded a net profit of Rs 439 crore in the corresponding quarter last year, indicating substantial growth.
During this period, the company's total income climbed to Rs 2,037 crore, up from Rs 1,814 crore in the previous fiscal year. Interest income was reported at Rs 1,906 crore, an increase from Rs 1,693 crore in the same period a year prior. Net interest income rose by 16%, reaching Rs 734 crore, while the net interest margin improved to 3.75% from 3.65% in the previous year. Gross non-performing assets remained stable at 1.08% as of March 2024.
(With inputs from agencies.)
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