India’s PNB Housing Finance beats Q3 profit view on strong demand

BENGALURU, Jan 24 (Reuters) – India’s PNB Housing Finance Ltd (PNBH.NS) on Tuesday reported a better-than-expected 43% rise in third-quarter revenue on the again of a powerful demand for loans and improved asset high quality.

PNB Housing, a unit of state-run lender Punjab Nationwide Financial institution (PNBK.NS), stated its consolidated internet revenue after tax rose to 2.69 billion rupees ($32.96 million) from 1.88 billion rupees a 12 months earlier.

Analysts, on common, had anticipated a revenue of two.39 billion rupees, in keeping with IBES knowledge from Refinitiv.

Its internet curiosity margin, a key measure of profitability, improved sequentially to 4.68%.

With an increase in urbanisation and rising disposable earnings, demand for housing in India remained excessive, at the same time as borrowing prices went up.

The mortgage lender’s internet curiosity earnings jumped 21.4% to 17.14 billion rupees within the three months ended Dec. 31.

Disbursements grew to 34.25 billion rupees from 28.28 billion rupees a 12 months earlier, the lender stated in a press release.

The New Delhi-based firm’s asset high quality improved sharply, with gross non-performing property as a share of whole loans slipping to 4.87% as on Dec. 31 from 6.06% as on Sept. 30, 2022.

Individually, the corporate’s board authorised non-public placement of non-convertible debentures as much as 20 billion rupees.

Shares of the corporate rose as a lot as 6.1% after the December quarter outcomes had been declared.

($1 = 81.6250 Indian rupees)

Reporting by Meenakshi Maidas in Bengaluru; Enhancing by Sohini Goswami

Our Requirements: The Thomson Reuters Belief Ideas.