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PNB Housing Finance Climbs 13% After It Reports Stellar Q2FY20 Results
Shares of PNB Housing Finance climbed 13% in intra-day trade on Friday to Rs. 504.90 per share on the BSE after the company reported its second quarterly results for FY20.
The housing finance company's net profit is up 45% y-o-y to Rs.366.8 crore versus Rs. 253 crore in the corresponding quarter of the previous year. AUM of the housing major also increased 22% to Rs. 89,470.6 crore during the period from Rs 73,481.5 crore a year ago.
Net interest income (NII) stood higher by 29.1% YoY at Rs. 494.6 crore while net NIM stood at 3.19% in comparison to 2.72% y-o-y.
"With testing times continuing for the sector, the company maintained its focussed approach towards contained business growth, portfolio quality and financial performance. As a prudent practice, the company created excess provisions out of the profits arising on account of corporation tax rate cut announced recently by the Government," the company said in a statement.
The company's asset quality however weakened. Gross NPA at the NBFC stood at 0.84% of the loan assets as on September 30, 2019 in comparison to 0.45% during the year-ago period. Net NPAs came in at 0.65% as against 0.35% YoY. At the AUM level, the company's gross NPA came in at 0.73%.
Last the stock of PNB Housing quoted at Rs. 501.45, up 54.75 or 12.26% on the BSE.
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