PNB Housing Finance Q4 net grows 51% to Rs 378 crore

PNB Housing Finance on Thursday reported a 51% year-on-year (y-o-y) growth in net profit to Rs 378 crore for the quarter ended March 31, led by increase in fee income and lower provisions. In the same quarter last year, the mortgage lender posted a net profit of Rs 252 crore.

Earlier this month, CARE Ratings put PNB Housing Finance on credit watch with developing implications due to requirement to raise money to maintain comfortable capital adequacy.

Net interest income (NII) grew 33% y-o-y to Rs 1,893 crore for Q4FY19 from Rs 1,424.12 crore. It also reported a 31% y-o-y rise in the total revenue to Rs 2,148.2 crore for Q4FY19. Net Interest Margin (NIM) for Q4FY19 stood at 3.18% compared to 3.59% in the same period last year.

Disbursements grew 9% to Rs 36,079.4 crore during FY19 from Rs 33,194.7 crore in FY18. Total borrowings were Rs 72,362 crore as on March 31 for FY19, 33% more than Rs 54,268.3 crore in FY18.

The PNB Housing Finance management cited the gap between disbursements and borrowings for FY19 to liquidity maintainance in the company.

Gross non-performing assets (NPA) stood at 0.48% as on March 31 against 0.33% a year ago.

Net NPA stood at 0.38% as on March 31 in contrast to 0.23% last year.

Provisions in Q4FY19 came down to Rs 10 crore from Rs 84.6 crore in the corresponding quarter a year ago.

Fee and commission income rose 50% y-o-y to Rs 108 crore in Q4FY19 from Rs 71.69 crore.

Profit after tax grew by 42% to Rs 1,191.5 crore for FY19 from Rs 841.2 crore in FY18.

Punjab National Bank