PNB Housing Q1 net profit Rises 25% to Rs 433 crore

PNB Housing Q1 earnings: PNB Housing Finance announced a 25 per cent increase in its net profit, reaching Rs 433 crore for the first quarter ending June 2024, compared to Rs 347 crore in the same quarter of the previous year.

According to a regulatory filing, the housing finance company's total income for the quarter grew to Rs 1,832 crore, up from Rs 1,708 crore in the corresponding quarter of the previous fiscal year.

Interest income for the quarter was higher at Rs 1,739 crore, compared to Rs 1,667 crore in the same period a year ago. Net interest income also saw a 4 per cent rise, amounting to Rs 651 crore by the end of Q1 2024.

Despite these gains, the net interest margin fell to 3.65 per cent from 3.86 per cent in the first quarter of the previous year.

The company's gross Non-Performing Assets (NPAs) decreased to 1.3 per cent, down from 3.76 per cent at the end of June 2023.

(With PTI inputs)