PNB Housing Finance has reported a 25% growth on year in the first fiscal to get a profit of Rs. 433 crores, from Rs. 347 crores a year ago as the company saw good productivity in the 100 branches it added from December last year to March 2024.
PNB Housing, an arm of state-run lender Punjab National Bank, said its total disbursements rose 19% to Rs 4,398 crore. Net interest income rose 4% to Rs 651 crore.
The home financier’s gross bad loans improved to 1.35% at the end of June, from 3.76% a year earlier as the company decreased its corporate loans over the last few quarters due to increased bad loans in the segment.
“We resorted to legal tools where necessary and have been pretty strong on our collections in the past few quarters”, said Girish Kousgi, MD & CEO of PNB Housing Finance.
In the next fiscal, the home financier will start their corporate business and focus on affordable and emerging segments as they are high yielding. Demand for premium housing in the country has been strong even as the affordable segment saw some pressure due to high interest rates.
