PNB Housing Fin achieves 57% gwth in net profits for 06-07

28924 Investors following PNB. Share this News with them.

0

Like this story, share it with millions of investors on M3

PNB Housing Fin achieves 57% gwth in net profits for 06-07

PNB Housing Finance achieves 57% growth in net profits for 2006-07

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS PNB hikes PLR by 75 bps to 13% Principal PNB Long Term Equity Fund – Should you buy? PNB among major gainer ALSO READ See latest News about PNB See previous management interviews See what other Experts & Brokerages are saying about PNB PNB BSE | NSE 25/05/12 Are Mutual Funds betting on PNB?

PNB Housing Finance Ltd ., a wholly owned subsidiary of Punjab National Bank has achieved 57% growth in net Profits after tax for the year ended 31^st March 2007. The profit after tax during the year was Rs. 27.96 crores (Rs. 17.82 crores).  The company has achieved 49% growth in total income at Rs. 152.82 crores (Rs. 102.41 crores). The net worth of the company as on 31.03.07 was Rs.131.41 crores (Rs. 109.63 crores) and the earning per share was Rs. 9.32 (Rs. 5.94). The Board of Directors have declared a dividend of 10% on three crores equity shares for the year 2006-07.

Announcing the results, Shri V K Khanna, the MD of the company informed that "during the current year, the Company has achieved 66% growth in disbursements at Rs. 652 crores (Rs. 393 crores) and 40% growth in loan outstanding at Rs. 1541 crores (Rs. 1098 crores). Shri Khanna further informed that the net NPAs of the Company during the year has come down drastically to 0.79% from 2.83%. The Profit for the year has been arrived at after providing for 0.40% on standard non-housing loans and 0.20% on standard housing loans.   Though the market is tight due to higher interest rates but demand for housing loan will continue from middle class."

Shri Khanna also informed, "During 2007-08, the company is looking for fresh business of Rs. 800-900 crores and will increase the area of operation through convenience centres. The company will also look for new avenues for resource mobilisation."

Sourced From: Punjab National Bank