Home Business PNB Housing Finance sees 11% rise in quarterly profit on mortgage demand

PNB Housing Finance sees 11% rise in quarterly profit on mortgage demand

Shares of PNB Housing climbed 6.7% to their highest level since mid-February. (file)

Bangalore:

PNB Housing Finance on Thursday reported a 11.7% jump in quarterly profit, helped by stagnant demand for mortgages despite rising inflation and higher interest rates.

Housing in India remains in demand despite rising household incomes and rising borrowing costs due to the home ownership epidemic.

The mortgage lender’s consolidated net profit after tax for the three months ended September 30 stood at 2.63 billion Indian rupees ($31.92 million), as against 2.35 billion rupees a year ago.

Shares of PNB Housing, a unit of Punjab National Bank, climbed 6.7% to their highest level since mid-February.

PNB Housing’s net interest income grew 29 per cent to Rs 6.49 billion.

“Demand in the mortgage industry remains strong,” Chief Executive Officer Girish Kausagi said in a statement.

The company, which earlier this month appointed a new finance chief and CEO, said its asset quality has also improved, as a percentage of debt assets to 6.06% from 6.35% in the first quarter of gross non-tax assets. Executed assets have improved.

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