Punjab National Bank (PNB) Housing Finance has resolved and fully recovered a corporate non-performing account (NPA) of ₹784 crore on August 19. The account was resolved today through an asset reconstruction company (ARC) sale under the Swiss Challenge method, according to CNBC-TV18.
The gross NPA of the company stood at ₹2,270 crore and loan asset was ₹60, 395 crore as of June 30, 2023. PNB Housing Finance Ltd on Monday reported an 47.8 per cent year-on-year (YoY) rise in its consolidated net profit after tax for the fiscal’s first quarter ended June (Q1FY24) to ₹347.32 crore.
The company had reported a profit of ₹234.96 crore in the year-ago period. Sequentially, consolidated net profit was up 24.4 per cent from ₹279.28 crore in January-March quarter of fiscal 2022-23.
The housing finance company’s consolidated total revenue from operations rose 21 per cent on year to ₹1,707.63 crores during the quarter ended June from ₹1,410.70 crore in Q1FY23. Total income rose to ₹1,707.72 crore in the first quarter. It stood at ₹1,411.99 crore in the year-ago period.
The mortgage lender reported in an exchange filing that net interest income increased to ₹629 crore for the quarter ended in June by 70 per cent year over year and six per cent quarter over quarter.
As of June 30, the Asset Under Management (AUM) expanded by 2 per cent YoY to ₹67,340 crore, while the Loan Asset grew by 5 per cent YoY and 2 per cent QoQ to ₹60,395 crore. In comparison to 6.35 per cent on June 30, 2022, and 3.83 per cent on March 31, 2023, gross non-performing assets are at 3.76 per cent as of June 30, 2023.
On August 18, shares of PNB Housing Finance settled 2.65 per cent lower at ₹634.75 apiece on the BSE.
Download The Mint News App to get Daily Market Updates & Live Business News.
Updated: 19 Aug 2023, 06:40 PM IST