PNB Housing Finance sheds 5% as Q3 profit falls 19% YoY

NEW DELHI – Shares of tumbled 5 per cent in early trade on Friday as the non-banking finance company (NBFC) reported a 19 per cent year-on-year (YoY) decline in net profit at Rs 188 crore for the quarter ended December 2021, mainly on fall in core income as disbursements slipped.

The NBFC, which is promoted by state-owned Punjab National Bank, had reported a net profit of Rs 232 crore in the same period a year ago.

PNB Housing Finance’s share price slid to a low of Rs 462.50 as against the previous close of Rs 486.80 on the National Stock Exchange.

The company reported gross non-performing assets of 7.64 per cent and net NPAs of 4.87 per cent as on December 31, reports said.

Its total revenue from operations stood at Rs 1,482.23 crore, a quarter-on-quarter decrease of 5.55 per cent from Rs 1,569.35 crore.

PNB Housing Finance's total comprehensive income witnessed a 14.97 per cent fall from Rs 244.86 crore in the July-September quarter to Rs 208.19 crore in the latest quarter.

The company said it allotted 8,000 shares at a face value of Rs 10 each "pursuant to exercise of stock options by employees", reports said, adding that at Rs 10 each, the company reported earnings per share of Rs 10.90 crore (basic) and Rs 10.87 crore (diluted), while its paid up equity share capital stood at Rs 168.59 crore, a very modest 0.006 per cent sequential increase.

The company's net worth, as on December 31, 2021, stood at Rs 9,558.30 crore, reports said.