According to reports, Punjab National Bank (PNB) Housing Finance successfully resolved and recovered the corporate NPA of 784 Crore on August 19th. Under the Swiss Challenge method, the account has been settled today through the sale of the assets of the asset reconstruction company (ARC).
As of June 30, 2023, the company’s gross NPA was Rs 2,270 crore and loan asset was Rs 60,395 crore. On Monday, PNB Housing Finance Ltd announced a 47.8 % year-on-year increase in its consolidated net profit after tax for the first quarter of the financial year ended June (Q1FY24) to Rs 347.32 crore.
The company’s profit in the year ago was Rs 234.96 crore. The consolidated net profit for the January-March 2022-23 quarter was up 24.4 percent from ₹ 279.28 crore.
The total revenue of the housing finance company from operations rose 21 percent to Rs 1,707.63 crore in the quarter ended June from Rs 1,410.70 crore in the Q1FY23. Total income rose to Rs 1,707.72 crore in the first quarter. It was Rs1,411.99 crore a year ago.
In an exchange filing, it was reported by the mortgage lender that net interest income rose up to Rs 629 crore for the quarter ended in June by 70 per cent year over year and six per cent quarter over quarter.
