PNB Housing Finance net profit rises 36% to Rs 2.2 billion

PNB Housing Finance has posted growth of 36 per cent in its net profit to Rs 2.2 billion in the March quarter from Rs 1.5 billion during the corresponding quarter of the previous financial year.

On an annual basis, the housing company’s net profit increased 58 per cent to Rs 8.3 billion at the end of 2017-18, from Rs 5.23 billion at the end of 2016-17.

Sanjaya Gupta, managing director of PNB Housing Finance, said, “The financial year 2017-18 was the first full year of results post our initial public offering. During the year, we achieved double-digit growth, supported by a healthy segment mix without compromising on credit quality and underwriting processes.”

The company has around 84 branches in 47 cities and 21 hubs, with around 21 new branches and three new hubs made operational during 2017-18.

Loan disbursements increased 61 per cent to Rs 332 billion during 2017-18, from Rs 206.4 billion worth of loans disbursed in 2016-17. Housing loans account for 69 per cent of the total loans disbursed, while 31 per cent of the loans disbursed were towards non-housing loans.

At the end of March 31, 2018, PNB Housing Finance’s assets under management (AUM), grew to Rs 622.5 billion from Rs 415 billion, in 2016-17. Disbursements between 2014-15 and 2017-18 have grown at a compounded annual growth rate (CAGR) of 52 per cent, while AUMs have grown at a CAGR of 53 per cent during the same period.

Loans outstanding grew by 48 per cent, year on year, to Rs 570 billion at the end of 2017-18.

Punjab National Bank