“The account has been resolved on 19 August 2023 through an asset reconstruction company (ARC) sale under Swiss Challenge method as per the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021,” the housing finance company stated.

As on 30 June 2023, the gross non-performing assets of the company stood at Rs 2,270 crore (3.76% of loan asset), while loan assets was at Rs 60,395 crore.

PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. As on 30 June 2023, Punjab National Bank held 28.15% in the company.

The housing finance company's consolidated net profit jumped 47.8% to Rs 347.32 crore on 20.9% increase in total income to Rs 1,707.72 crore in Q1 FY24 over Q1 FY23.