Money & Banking

PNB Housing Finance Q2 net up 45 per cent

Our Bureau New Delhi | Updated on October 24, 2019

PNB Housing Finance on Thursday reported a 45 per cent increase in net profit for the second quarter ended September 30, 2019 at Rs 367 crore (Rs 253 crore).

Net interest income for the quarter increased 36 per cent to Rs 628 crore (Rs 463 crore).

Commenting on the financial performance, Sanjaya Gupta, Managing Director, PNB Housing Finance said: “With testing times continuing for this sector, the company maintained its focused approach towards continued business growth, portfolio quality and financial performance.

As a prudent practice, the company has created excess provisions out of the profits arising on account of corporate tax rate cuts announced recently by the Government.

We will focus on raising equity capital, efficient utilisation of resources, improvement in costs, maintain robust asset quality and reducing gearing levels”

For the six months ended September 30, PNB Housing Finance has recorded 28 per cent growth in net profit at Rs 651 crore (Rs 509 crore)

Published on October 24, 2019

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