Total income declined 2.26% year on year to Rs 1756 crore in the quarter ended 31 December 2023.

Profit before tax in Q3 FY24 stood at Rs 440.30 crore, up 20.01% from Rs 366.88 crore posted in the same period a year ago.

Net interest income (NII) fell 19% to Rs 595 crore in the December quarter as against Rs 734 crore in Q3 FY23. Net interest margin (NIM) slipped to 3.49% in Q3 FY24 as compared to 4.68% for Q3 FY23.

Pre-provision operating profit was at Rs 499 crore , registering a decline of 19.77% YoY. Operating expenditure increased by 35% YoY to Rs 166 crore during the quarter.

The disbursements during Q3 FY24 stood at Rs 4,143 crore, registering a growth of 21% YoY. Retail disbursements were up 22% at Rs 4,110 crore in Q2 FY23.

On nine-months basis, the company’s consolidated net profit jumped 39.39% to Rs 1,068.76 crore on 7.18% increase in total income to Rs 5243.12 crore in 9M FY24 over 9M FY23.

Asset under management (AUM) grew by 4% YoY to Rs 68,549 crore as on 31 December 2023. Loan Asset increased by 7% YoY to Rs 62,337 crore as on 31 December 2023.

Gross non-performing assets (NPA) was at 1.73% as on 31 December 2023 as compared to 4.8% as on 31 December 202. Net NPA stood at 1.19% as on 31 December 2023.

The company’s CRAR stood at 29.53% as on 31 December 2023, of which tier I capital is 27.97% and tier II is 1.56% as compared 24.60% as on 31 December 2022, of which tier I capital was 22.43% and tier II was 2.17%.

The company has 212 branches / outreach locations. Affordable business presence expanded to 100 branches/outreaches as on 31 December 2023.

Girish Kousgi, managing director & CEO said: “During the recent period, India Ratings upgraded the rating to ‘AA+’ from ‘AA’ with ‘Stable” outlook. Our sustained focus on affordable segment helped us to achieve Rs 1,000 crore in disbursements and loan book within a year of operations. We continue to focus on the affordable segment and in process of identifying geographies/segments within the prime segment that offer better yields and growth. As we expand into newer geographies/segment, we plan to increase our network of branches/outreaches from 212 currently to 300 over the next few months. We are confident that our various efforts shall drive growth and profitability.”

PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. The company provides housing loans to individuals for purchase, construction, repair, and upgrade of houses.

Shares of PNB Housing Finance tumbled 4.79% to Rs 817.20 on the BSE.