PNB Housing Finance recovers NPA account of ₹784 crore, resolved through ARC sale, here is the financial updates and summary of the key points from the provided information:
- Recovery of Corporate NPA: PNB Housing Finance successfully resolved and fully recovered a corporate non-performing account (NPA) worth ₹784 crore on August 19. The resolution was achieved through an asset reconstruction company (ARC) sale using the Swiss Challenge method.
- Financial Snapshot:
- As of June 30, 2023, the company's gross NPA stood at ₹2,270 crore.
- The total loan asset of PNB Housing Finance was reported as ₹60,395 crore.
- Financial Performance for Q1FY24:
- The company reported a consolidated net profit after tax of ₹347.32 crore for the first quarter ended June (Q1FY24), marking a YoY increase of 47.8%.
- Compared to the preceding quarter (Q4FY23), consolidated net profit saw a sequential increase of 24.4%.
- Consolidated total revenue from operations for Q1FY24 increased by 21% YoY, reaching ₹1,707.63 crores.
- Net Interest Income:
- Net interest income for the quarter ending in June grew to ₹629 crore, reflecting a 70% YoY increase and a 6% increase quarter over quarter.
- Asset Under Management (AUM):
- As of June 30, 2023, the Asset Under Management (AUM) expanded by 2% YoY to ₹67,340 crore.
- The Loan Asset also grew by 5% YoY and 2% quarter over quarter, reaching ₹60,395 crore.
- Non-Performing Assets (NPA):
- The gross non-performing assets (NPAs) for PNB Housing Finance stood at 3.76% as of June 30, 2023. This is compared to 6.35% on June 30, 2022, and 3.83% on March 31, 2023.
These financial updates provide a snapshot of PNB Housing Finance's recent performance, including successful NPA resolution and improvements in profitability and asset quality. Please note that financial performance data should be considered in the context of the company's overall financial health and industry trends.