Even during the time of recession, which is particularly hitting real estate sector PNB Housing Finance has surprised many by posting 32 per cent growth in its net profit over the last year.
PNB Housing Finance is a wholly owned subsidiary of leading public sector bank PNB.
V K Sood, Managing Director, PNB Housing Finance said, "during the year, the operating profit was Rs. 81.37 crores in comparison with last year's Rs. 67.72 crores and profit after provisions and taxes was Rs. 53.41 crores last year it was Rs. 40.59 crores. The company has achieved 22% growth in total income at Rs. 277.21 crores last year it was Rs. 227.14 crores.
The net worth of the company as on March 31 2009 was Rs.207.28 crores last year it was Rs. 162.81 crores. and the earning per share (EPS) was Rs. 17.80."
Mr. Sood said that the Company has been able to contain Gross NPAs at a level of 0.50 percent and net NPAs at the level of 0.30 percent of net advances. The Capital adequacy of the company was 17.3 percent.
"The Company has declared a 20% dividend for the year," he said.
He also informed, during the year the company has done a fresh business of Rs. 756 crores. In a major relief to existing borrowers the company has also decided reduce the interest for new borrowers and existing borrowers by 25 basis points effective from May 01 2009.
He said that the company has always tried to pass the benefit of cost reductions on to its existing borrowers and since January this year the company has reduced interest rates for existing borrowers by 100 basis points.
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