PNB Housing Finance, a home loan provider focused on the retail segment, on Monday said it has secured credit rating upgrades thrice in a single quarter.
This has been achieved in the just ended fourth quarter of fiscal 2023-24.
India Ratings, ICRA and CARE Ratings affirmed and upgraded the company’s ratings to ‘AA+’ from ‘AA’ with ‘Stable’ outlook.
Girish Kousgi, MD & CEO, PNB Housing Finance, said: “We are proud to close this financial year with three consistent credit rating upgrades from Ind-Ra, ICRA and CARE in the last quarter alone. This accomplishment reflects our holistic growth strategy for boosting our business performance, and delivering on important financial metrics.
We are excited to step into the new financial year with renewed vigor and confidence in our key stakeholders, and our endeavour is to maintain this momentum to accomplish our long-term goals efficiently”.
The rating rationale factors in PNB Housing Finance’s improved asset quality, strong market position, diversified resource profile and efficient capital management.
Further, the agencies recognised the company’s sharpened focus on the granularization of the retail loan book, along with the expansion of the affordable housing segment Roshni, to ensure higher yields & interest margins, and improving profitability.