Shares of PNB Housing rose 6.7% to their highest since mid-February. (File)


PNB Housing Finance on Thursday reported a 11.7% enhance in quarterly revenue, helped by regular demand for mortgages even within the face of surging inflation and better rates of interest.

Demand for housing in India has held up regardless of rising borrowing prices, pushed by rising family earnings and pandemic-led demand for dwelling possession.

The mortgage lender’s consolidated internet revenue after tax stood at 2.63 billion Indian rupees ($31.92 million) for the three months ended Sept. 30, in contrast with 2.35 billion rupees a 12 months in the past.

Shares of PNB Housing, a unit of state-run lender Punjab Nationwide Financial institution, rose 6.7% to their highest since mid-February.

PNB Housing’s internet curiosity earnings jumped 29% to six.49 billion rupees.

“The demand within the mortgage business continues to stay strong,” Chief Govt Officer Girish Kousgi mentioned in an announcement.

The corporate, which appointed a brand new finance chief and CEO earlier this month, mentioned its asset high quality additionally improved with gross non-performing property as a p.c of mortgage property coming in at 6.06% from 6.35% within the first quarter.

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