PNB Housing Finance’s Q4 net profit rises 44%

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Mumbai, May 3 (IANS) Housing finance company PNB Housing Finance on Thursday reported a rise of 44 per cent in its net profit for the quarter ended March 31, 2018.

According to the company, the net profit during the quarter under review increased to Rs 219.2 crore from Rs 152.4 crore reported for the corresponding period of previous year.

Besides, the housing finance firm’s ‘Net Interest Income’ registered a growth of 36 per cent to Rs 451.8 crore from Rs 332.7 crore.

On the fiscal basis, the company reported a rise of 58 per cent in its net profit for the financial year ended March 31, 2018 which increased to Rs 829.4 crore from Rs 523.7 crore reported for the previous corresponding period.

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“The cumulative provision for non-performing assets and standard assets is Rs 42.3 crore and Rs 281 crore respectively as on 31st March, 2018,” the company said in a statement.

“During the year, the company made provision for contingencies of Rs 62.5 crore. The cumulative provision for contingencies is Rs 102.0 crore, over and above the provisions required to be maintained as per NHB Directions.”

The company’s Board recommended a final dividend of Rs 9 per equity share of Rs 10 for FY17-18.

“Dividend payout ratio for the year inclusive of dividend distribution tax is 21.88 per cent,” the statement added.

–IANS

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