PNB Housing Finance Q1 net profit up 48% to Rs 347 cr

New Delhi: PNB Housing Finance on Monday reported a 48 per cent rise in net profit to Rs 347 crore in the June quarter.

The mortgage firm, which is promoted by Punjab National Bank, had posted a net profit of Rs 235 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 1,708 crore from Rs 1,412 crore in the same period a year ago, PNB Housing Finance said in a regulatory filing.

Interest income of the company improved to Rs 1,667 crore from Rs 1,299 crore in June 2022.

Total expenses of the housing finance firm increased to Rs 1,261 crore, as against Rs 1,101 crore in the year-ago period.

The company's asset quality showed improvement as gross non-performing assets (NPAs) declined to 3.76 per cent of gross advances at the end of the quarter, from 6.35 per cent a year ago.

Similarly, net NPAs, or bad loans, declined to 2.58 per cent, as against 4.26 per cent in the year-ago period.

The capital adequacy ratio of the bank increased to 29.93 per cent, as compared to 23.91 per cent at the end of June 2022.