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PNB Housing Finance Limited (PNBHFL) reported a net profit of ₹232 crore for the third quarter ended December 31, 2020.
This was marginally lower to the net profit of ₹237 crore recorded in the same quarter last fiscal. The latest bottom line was also lower than the net profit of ₹313 crore recorded in the second quarter ended September 30, 2020.
Total income for the quarter under review declined to ₹1896 crore, down 9 per cent over total revenue of ₹2075 crore in the same quarter last fiscal. In the previous September quarter, this home loan lender had recorded total revenue of ₹2022 crore.
For the nine months ended December 31, PNBHFL reported a 10 per cent decline in net profit at ₹803 crore (₹888 crore). Total Revenue declined 11 per cent to ₹5,790 crore (₹6,538 crore )
Commenting on the financial performance, Hardayal Prasad, Managing Director & CEO, PNBHFL said in a statement ”Post RBI moratorium, the Company witnessed an impact on collection efficiency. However, the situation is improving and with various measures under taken, we expect to reach pre-Covid efficiency levels in near term. The Company has set out its new agenda with focus upon Strengthening the core, Driving efficiency and Accelerating Growth. These are built upon 7 core pillars viz Management, Capital Position, Risk Management, Cost Management, Digital Drive, Retail Focused Lending and Grow Affordable Housing”.
PNBHFL’s Net Interest Margin increased 20 basis points to 3.2 per cent in the third quarter this fiscal from a level of 3 per cent in the same quarter last fiscal.
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