homefinance NewsPNB Housing Finance looking to restart corporate business by end of the year: Girish Kousgi
PNB Housing Finance looking to restart corporate business by end of the year: Girish Kousgi
The housing finance firm reported a 64.7 percent year-on-year (YoY) increase in net profit at Rs 279.3 crore for the fourth quarter that ended March 31, 2023.
PNB Housing Finance is looking to restart corporate business by the end of the year, Girish Kousgi, MD and CEO of the company said in an interaction with CNBC-TV18. The comments from Kousgi comes after the firm posted a weak set of Q4 earnings, with its revenue down 10 percent. The housing finance firm reported a 64.7 percent year-on-year (YoY) increase in net profit at Rs 279.3 crore for the fourth quarter that ended March 31, 2023.
Kousgi said that there were a lot of one-offs in the last quarter but still the firm has see a growth of 10 percent in retail book. He added that corporate book has come down by 50 percent from last year and there is a significant improvement in return on assets (RoA) too.
" Our gross net performing asset (NPA) has also come down by more than 50 percent," he told CNBC-TV18.
The gross non-performing assets (GNPA) for the company stood at 3.83 percent as on March 31, 2023, as compared to 8.13 percent as on March 31, 2022, and 4.87 percent as on December 31, 2022. The retail GNPA is 2.57 percent as on March 31, 2023, as compared to 3.89 percent as on March 31, 2022, and 2.86 percent as on December 31, 2022. The net NPA stood at 2.76 percent as on March 31, 2023, NNPA in the retail segment is at 1.74 percent, and in the corporate segment at 18.24 percent.
Going forward, Kousgi said the company has a loan growth guidance of 17 percent and disbursements will likely be at 22 percent in FY24.
" We have entered the affordable housing segment where yields will be better. 25 percent of our book will be affordable housing," he added.
(Edited by : Anshul)
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