PNB Housing Finance Q1 net jumps 93% on robust interest income

New Delhi: PNB Housing Finance on Thursday reported a 93 percent jump in net profit to Rs 184.80 crore for the first quarter of the current fiscal, mainly driven by robust earnings in core business.

The company's net profit stood at Rs 95.90 crore in April-June quarter of 2016-17.

Total income from operations rose by 38.2 percent to Rs 1,192.27 crore during April-June quarter of 2017-18, as against Rs 862.87 crore in the same period last fiscal, PNB Housing Finance said in a regulatory filing.

PNB Housing Finance also reported a 64 percent surge in its net interest income to Rs 343.60 crore for June quarter, compared to Rs 209.20 crore in the same period last year.

The company's gross non-performing assets (NPAs) as on June 30, 2017 stood at 0.43 percent, while net NPAs were 0.33 percent of the loan disbursals at June-end this year.

"We started the year with a strong growth in all the business and financial vectors on the back of over 50 percent increase in disbursements and efficient borrowing compared to the same quarter previous year," PNBHFL MD Sanjaya Gupta said in a statement.

"As a housing solution provider, we believe government led actions with mission of Housing for All by 2022 and Pradhan Mantri Awas Yojana along with Real Estate Regulatory Authority Bill have inducted substantial positivity in the sector especially from a long term perspective," Gupta said.

The lender's outstanding loan grew by a healthy rate of 42 percent from a year ago to Rs 44,003 crore as of June 30, 2017. Of this, 70 percent was comprised of housing loans, while rest of 30 percent formed as non-housing advances.

Promoted by state-owned Punjab National Bank (PNB), PNBHFL also provides construction finance loans to real estate developers for residential housing.

Shares of the company today closed 3.19 percent down at Rs 1440.25 on BSE.