PNB Housing Fin PAT up 53 pc

The Board of Directors of PNB Housing Finance Limited on January 24 approved unaudited financial results for the quarter and nine months ended December 31, 2016.

According to a press release issued by the company, during the quarter, it successfully completed its IPO of 3,87,19,309 equity shares of Rs 10 each at a price of Rs 775 per share aggregating to Rs 3,000 crore. This is the second largest IPO for the year 2016 and one of the largest in the BFSI space. The company got listed on the National Stock Exchange and Bombay Stock Exchange on November 7 last year.

The net interest Income of PNBHFL registered a growth of 40 per cent to Rs 264.5 crore from Rs188.6 crore. Fees and other operating income increased by 81 per cent to Rs61.1 crore from Rs 33.9 crore. The PAT increased by 53 per cent to Rs 137.8 crore from Rs 90.3 crore.

During Q2 FY16-17, the company had written back the provision for contingencies of Rs 24.5 crore, created in previous years, in order to maintain the gearing ratio as per NHB guidelines. in Q3 FY16-17, post completion of the IPO, the company created additional provision for contingencies of Rs 12.5 crore.

Commenting on the performance, Sanjaya Gupta, Managing Director, PNBHFL, said, “We witnessed double digit growth in our profitability during the nine month period for the fiscal year 2016-17 compared to the same period of the previous year. In line with our expansion plans, we have added 11 new branches which will support us in the next phase of growth. We continue to focus on expansion in Tier-2 and Tier-3 cities.”