Published On: Tue, May 17th, 2016

PNB Housing Finance – Net Profit Ascents 66% In FY’16

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 “The company certified loans worth Rs 23,011 crore, seeing a surge of 53%, and the distributions were Rs 14,456 crore speaking to a development of 53% during 2015-16”

PNB Housing Finance

PNB Housing Finance Ltd. (PNBHFL), a backup of state-run Punjab National Bank, reported an ascent in net profit, loans and incomes certified for the FY 2015-16. The company expressed that while net profit rose 66% to Rs. 326 crore, total income grew 52% to Rs. 2,697 crore.

The company, which is running from 28-years, dispensed loans worth Rs. 14,456 crore, 53% more when compared with the previous financial year.

Assets Rose To 59% In The FY’15

Assets under management rose 59% to Rs. 27,555 crore as on March 31, 2016, as against Rs. 17,297 crore in the FY’15. Gross non-performing assets (NPAs) and net NPAs remained at 0.22% and 0.14%, respectively.

PNB Housing Finance Ltd. (PNBHFL), in which Punjab National Bank holds a 51 % stake, proclaimed a profit of Rs. 3.4 for every share.

The outcomes are empowering and at the same level with our desires. With strong essentials of the Indian economy and a helpful situation for the home loan industry, the speed for the sectors seems to be gaining and this might give immense stimulus to PNB Housing to proceed with its development energy on an upward bend. The managing director of PNB Housing Finance Limited, Sanjaya Gupta said this in his statement.

Do You Know…

Dewan Housing Finance Corporation Limited is another home loan company, which had reported a 17.4% increase in net profit to Rs. 729.2 crore for the financial year 2015-16. Net interest income was Rs. 1,669 crore, up 21% from Rs. 1,379.80 in 2014-15.

The DHFCL company authorized loans worth Rs. 37,608 crore while assets under management rose 22% to Rs. 69,524 crore towards the end of financial year 2016, as per the company’s regulatory filing on 4th may’16.

Other noticeable home loan companies in India incorporate HDFC, LIC Housing Finance, Gruh Finance, and Repco, in addition to commercial banks, both state-run and private.

In conclusion, if you are planning to take loans, then hurry up to take the best out of financial year 2016!

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About the Author

- Rahul Bedi is an editor at Savitry Greens a venture of NK Sharma Group. He loves to write about latest trends on real estate, home improvement and economy in India.