PNB Housing on Thursday, October 27, reported an 11.7 percent increase in net profit at Rs 266.6 crore for the second quarter of this fiscal over the same period last year.

The housing finance company's net interest income (NII) improved by 29 percent from corresponding quarter in the previous year and 75 percent from previous quarter. The NII stood at Rs 649 crore for the period under review.

During the September quarter, there was a net positive impact of Rs 109 crore on assigned loans, the company said in an exchange filing. The operating expenditure increased by 15 percent year-on-year (YoY) and 11 percent quarter-on-quarter (QoQ) to Rs 136 crore.

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The company's pre-provision operating profit improved by 35 percent YoY and 62 percent QoQ to Rs 584 crore. The spread on loans stood at 3.4 percent in the second quarter.

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The net interest margin stood at 4.1 percent in the second quarter compared to 3 percent in the second quarter in the previous fiscal and 2.4 percent in the previous quarter. The gross margin, net of acquisition cost, stood at 4.5 percent in the period under review against 3.3 percent in the year-ago period and 3 percent in the preceding quarter.

Shares of PNB Housing ended 4.6 percent higher at Rs 451.1 on BSE.

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(Edited by : Shoma Bhattacharjee)

First Published:Oct 27, 2022 5:37 PM IST