PNB Housing Finance Q1 net profit up 25% to Rs 433 cr

New Delhi: PNB Housing Finance on Thursday reported a 25 per cent improvement in its net profit to Rs 433 crore in the first quarter ended June 2024.

The housing finance company had posted a net profit of Rs 347 crore in the same quarter a year earlier.

Total income during the quarter rose to Rs 1,832 crore from Rs 1,708 crore in the same quarter of the previous fiscal, PNB Housing Finance said in a regulatory filing.

The lender's interest income in Q1 was higher at Rs 1,739 crore against Rs 1,667 crore in the same period a year ago.

Net interest income grew by 4 per cent to Rs 651 crore at the end of the first quarter ended June 2024.

However, the net interest margin declined to 3.65 per cent compared to 3.86 per cent in the first quarter of the previous year.

The gross Non-Performing Assets (NPAs) were down 1.3 per cent over 3.76 per cent at the end of June 2023, it said.