PNB Housing Finance reports net profit of Rs 127 crore in Q4

PNB Housing Finance has reported a consolidated net profit of Rs 127 crore for the January to March quarter as compared to a net loss of Rs 242 crore in the same period a year ago.

Sequentially, the profit was down from Rs 232 crore in Q3 FY21. Total revenue during Q4 FY21 fell to Rs 1,834 crore from Rs 1,952 crore in Q4 FY20.

Interest income dropped over 7 per cent at Rs 1,670 crore during the quarter as against Rs 1,803 crore a year earlier. However, expenses reduced by 28 per cent to Rs 1,646 crore from Rs 2,279 crore.

The company's asset quality deteriorated with the gross non-performing assets (NPAs) increasing to 4.44 per cent of the gross loans at end of March 2021 from 2.75 per cent in the same period of 2019-20. Net NPAs moved up to 2.43 per cent from 1.75 per cent.

The assets under management registered an 11 per cent decline to Rs 74,470 crore as of March 31, 2021 from Rs 83,346 crore by end of March 2020.

Managing Director and CEO Hardayal Prasad said the company registered a healthy increase in disbursements on sequential basis quarter-on-quarter in the current fiscal led by retail lending.

"We also registered a 50 per cent jump in retail disbursement. With collections being the primary focus, we have witnessed an improving trend in collection efficiency which is now 98.3 per cent in Q4 FY21.

PNB Housing said its board of directors has not recommended any dividend for 2020-21 considering the current economic scenario.

On the impact of the second wave of Covid-19, PNB Housing Finance said it will continue to closely monitor any material changes to future economic conditions.

( With inputs from ANI )