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PNB Housing Finance Sees 57% Surge in Q4 Net Profit, NPAs Decline

PNB Housing Finance

PNB Housing Finance witnessed a significant surge in its net profit, marking a 57% increase to Rs 444 crore in the fourth quarter ending March 2024, compared to Rs 283 crore in the same quarter the previous year. According to regulatory filings, the company’s total income for the quarter escalated from Rs 1,628 crore to Rs 1,806 crore year-on-year.

Interest income also saw a rise to Rs 1,684 crore in Q4FY24, up from Rs 1,581 crore in the corresponding period of the prior fiscal year. Despite a 7% growth in net interest income to Rs 632 crore, the net interest margin dipped to 3.65% from 3.74% in Q4 FY23.

Read more: PNB Housing Finance Hits 300 Branches Nationwide

Notably, gross NPAs fell to 1.5% from 3.83% by the end of March 2023, with net NPAs at 0.95% of loan assets. Asset under Management (AUM) increased by 7% to reach Rs 71,243 crore by March 31, 2024. For the fiscal year 2023-24, the company recorded a 44% rise in net profit to Rs 1,508 crore, while total income for the year climbed to Rs 7,024 crore from Rs 6,492 crore in the previous fiscal.