PNB Housing Finance shares rise up to 11% after Q2 net profit jumps 23%; check details

In the early trade, the stock rose as much as 10.7% to ₹1,034.95 apiece on the National Stock Exchange. At 9:34 am, the scrip was up 5.2% at ₹983.

On the BSE, the stock gained 5.4% to ₹983.9 a unit.

PNB Housing Finance Q2 net profit skyrockets

PNB Housing Finance reported a 22.6% increase in September quarter net profit at ₹469.68 crore. In the same quarter a year ago, the post-tax profit was ₹383 crore.

Revenue from operations increased 4.5% to ₹1,780.31 crore in the quarter under under against ₹1,703.86 crore in the year-ago period.

The company reported an improvement in asset quality. The gross non-performing assets (GNPA) ratio stood at 1.24%, a decline from 1.78% in the corresponding period last fiscal year. In Q1 FY25, GNPA was at 1.35%.

Net interest income rose 1.2% year-on-year (YoY) to ₹669 crore, while the net interest margin (NIM) fell to 3.68% from 3.96% in Q2 FY24.

In Q2 FY25, retail disbursement expanded by 28% YoY to ₹5,341 crore. Affordable and emerging markets segments accounted for 31% of the retail disbursement, the housing financer said in an exchange filing.As of September 30, 2024, retail loan asset stands at ₹67,970 crore. "Affordable and Emerging Markets segments form 23% of the Retail Loan Asset," the company said.

The cost of borrowing stood at 7.84% in the latest September quarter as compared to 7.92% in Q1 FY25 and 7.99% in Q2 FY24. Deposit grew by 5% YoY to ₹17,659 crore as of September 30, 2024.

PNB Housing Finance presently has 303 branches, including 160 branches for affordable and 50 branches for emerging markets.