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PNB Housing Finance
PNB Housing Finance, an arm of state-owned Punjab National Bank, has received capital markets regulator Sebi's go ahead to raise up to Rs 2,500 crore through rights issue of shares. The housing finance firm, which had filed draft papers with Sebi in December 2022 regarding the rights issue, obtained its 'observations' on March 6, which is necessary for any company to launch the issue, an update the markets regulator showed on Monday. Going by the draft papers, PNB Housing will issue fully paid-up equity shares of the company by way of a rights issue to its existing shareholders for an amount not exceeding Rs 2,500 crore. The company intends to utilise the net proceeds from the issue towards augmenting its capital base. Post the rights issue, the shareholding of Punjab National Bank (PNB) as a promoter of the company would come down from the current level of 32.53 per cent to below 30 per cent but it would be higher than 26 per cent so that the bank retains promoter status. In Marc
PNB Housing Finance on Tuesday reported 43 per cent growth in consolidated profit after tax (PAT) at Rs 269 crore for the third quarter ended December 31, 2022. The company's net profit was Rs 188 crore in October-December period of 2021-22. Loan asset stood at Rs 58,034 crore as on December 31, 2022, as compared to Rs 57,845 crore by the year-ago period. During the quarter, the company's retail loan asset grew 6.6 per cent, while gross non-performing assets stood at 4.87 per cent as on December 31. PNB Housing Finance Managing Director & CEO Girish Kousgi said the company is making progress in growing retail loan asset and improving asset quality. "We continue to focus on loan asset growth and asset quality improvement while being profitable," he said. The company has 159 branches with presence in 113 cities. Shares of PNB Housing Finance closed at Rs 556.90 apiece , up 4.87 per cent over the previous close on the BSE.
The domestic housing finance sector is now witnessing robust demand after the pandemic and the country's fourth largest player, PNB Housing Finance, expects a strong growth of 40 per cent in disbursals this fiscal year, the company chief said. During the COVID pandemic, housing shortage in the country increased because of mobility issues, but after that the demand kept quite well, Girish Kousgi, Managing Director and Chief Executive Officer PNB Housing Finance said. "If you look at the real estate space, the pace started one and half years back and now we are just through the journey. So with the real estate boom coupled with economic activity in the country and high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust and we are witnessing this. "I think this year, we will be able to show growth of 40 per cent on disbursements and loan book growth of close to 10 per cent," Kousgi told PTI in an interview. In the first
PNB Housing Finance on Thursday reported 11.7 per cent rise in net profit at Rs 262.63 crore for September quarter 2022-23 on a modest rise in core income. The non-banking finance company had logged a net profit of Rs 235.21 crore in the year-ago period. Total income increased to Rs 1,683.43 crore from Rs 1,586.41 crore in the same period of 2021-22, PNB Housing Finance said in a regulatory filing. Core interest income of the Delhi-based housing finance company rose 6.5 per cent in the quarter to Rs 1,597.54 crore as against Rs 1,499.88 crore in the year-ago period. Total expenses moved up nearly 4 per cent to Rs 1,343 crore from Rs 1,295.21 crore. Promoted by the country's second largest state-owned lender Punjab National Bank (PNB), the company is engaged in the business of providing loans for purchase, construction, repairs and renovations of housing and commercial properties. On the asset front, gross non-performing assets (NPAs or bad loans) stood at 6.05 per cent of gross .