BENGALURU, Oct 24 (Reuters) – India’s PNB Housing Finance (PNBH.NS) on Thursday reported a 11.7% improve 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 revenue and pandemic-led demand for residence 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 yr in the past.
Shares of PNB Housing, a unit of state-run lender Punjab Nationwide Financial institution (PNBK.NS), rose 6.7% to their highest since mid-February.
PNB Housing’s internet curiosity revenue jumped 29% to six.49 billion rupees.
“The demand within the mortgage trade continues to stay strong,” Chief Government Officer Girish Kousgi stated in a press release.
The corporate, which appointed a brand new finance chief and CEO earlier this month, stated its asset high quality additionally improved with gross non-performing belongings as a % of mortgage belongings coming in at 6.06% from 6.35% within the first quarter.
($1 = 82.3990 Indian rupees)
Reporting by Anuran Sadhu and Praveen Paramasivam in Bengaluru
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