PNB Housing Finance Surges as Profits Climb 25%

PNB Housing Finance shares rose nearly 5% on Tuesday following a 25% increase in net profit to Rs 550 crore for the March quarter. The company saw its stock climb on both BSE and NSE due to increased income and improved net interest margins.

Shares of PNB Housing Finance experienced a nearly 5% surge on Tuesday after the company reported a substantial 25% rise in net profit, reaching Rs 550 crore for the March quarter.

The stock closed at Rs 1,030.65 on the BSE, up 4.45%. Earlier in the day, it peaked at Rs 1,085.40, marking a 9.99% increase. On the NSE, it concluded at Rs 1,032.60, similarly jumping 4.69% with an intra-day high of Rs 1,084.85.

The financial firm revealed in a regulatory filing that its total income in the quarter climbed to Rs 2,037 crore from Rs 1,814 crore year-on-year. Net interest income also saw a 16% upswing, ending at Rs 734 crore for the quarter. The company recorded flat gross non-performing assets at 1.08% by March 2024.

(With inputs from agencies.)