MUMBAI: PNB Housing Finance told stock exchanges that it has resolved a significant non-performing asset (NPA) pertaining to a developer loan of Rs 784 crore.
The company said it has fully recovered this corporate NPA, constituting about 1.3% of the loan asset as of June 30, 2023. The resolution of this account was achieved on August 19, 2023, by selling the loan to an asset reconstruction company under the Swiss Challenge method under RBI’s rules.
As of June 30, 2023, PNB Housing’s gross NPA totalled Rs 2,270 crore, representing 3.8% of the loan assets. The company’s loan assets amounted to Rs 60,395 crore.
In an analyst call on July 24, the company’s MD Girish Kousgi had said: “On the corporate book, we had two NPAs last quarter… this year as well as this quarter, the latest two NPAs’ total amount is Rs 854 crore. Out of this, one account constitutes 92%, which is by a large developer.” Kousgi added that the company has reduced its corporate loan book by 45% year-on-year.
