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PNB Housing Finance Climbs 13% After It Reports Stellar Q2FY20 Results

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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.

 
PNB Housing Finance Climbs 13% After It Reports Stellar Q2FY20 Results

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.

GoodReturnns.in

Story first published: Friday, October 25, 2019, 10:36 [IST]
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