Kolkata: PNB Housing Finance reported about 24% rise in second quarter consolidated net profit at Rs 582 crore as compared with Rs 470 crore in the year-ago period, helped by recovery from the written off loan pool.
Its pre-provision operating profit stood 16% higher at Rs 646 crore driven by positive operating leverage. Net interest income grew by 14.4% at Rs 765 crore.
The recovery from the overall written off pool led to a write back of provisions which resulted in the credit cost ending up a negative 53 basis points as compared to a negative 24 bps in the year ago period.
“Despite the challenges posed by leadership transitions, we have delivered a strong and resilient performance across all key metrics this quarter," executive director Jatul Anand said.
Company's managing director Girsih Kousgi resigned on July 30. Anand has been in charge since August 2.
The mortgage lender saw its assets under management grow 12.3% year-on-year to Rs 83,879 crore at the end of September while loan outstanding grew by 14.8% to Rs 79,771 crore. Out of the loan outstanding, retail loans were at Rs 79,439 crore.
Its asset quality improved further with gross non-performing assets ratio falling to 1.04% from to 1.24 % seen a year ago.
Its pre-provision operating profit stood 16% higher at Rs 646 crore driven by positive operating leverage. Net interest income grew by 14.4% at Rs 765 crore.
The recovery from the overall written off pool led to a write back of provisions which resulted in the credit cost ending up a negative 53 basis points as compared to a negative 24 bps in the year ago period.
“Despite the challenges posed by leadership transitions, we have delivered a strong and resilient performance across all key metrics this quarter," executive director Jatul Anand said.
Company's managing director Girsih Kousgi resigned on July 30. Anand has been in charge since August 2.
The mortgage lender saw its assets under management grow 12.3% year-on-year to Rs 83,879 crore at the end of September while loan outstanding grew by 14.8% to Rs 79,771 crore. Out of the loan outstanding, retail loans were at Rs 79,439 crore.
Its asset quality improved further with gross non-performing assets ratio falling to 1.04% from to 1.24 % seen a year ago.