New Delhi, Apr 29 (IANS): PNB Housing Finance on Monday reported a 57 per cent rise in net profit to Rs 444 crore for the January-March quarter of 2023-24, on the back of a higher net interest income and a decline in its non-performing assets.

The Punjab National Bank subsidiary registered a net profit of Rs 439 crore in the same quarter of 2022-23.

Interest income of the company in the reporting quarter stood at Rs 1,683.69 crore, as compared to Rs 1,580.59 crore in a year ago period driven by the buoyant demand for home loans as the real estate sector picked up during the quarter.

In the reporting quarter, Net Interest Income (NII) of the company grew 7 per cent on-year to Rs 632 crore.

On a sequential basis, NII increased just 6 per cent. By the end of FY23, NII of the company stood at Rs 2,346 crore.

The gross Non-performing Assets (NPAs) came down to 1.5 per cent of total loans as compared to 3.83 per cent at the end of March 2023, the company said in a regulatory filing.

Net NPA stood at 0.95 per cent of the loan assets at the end of March 2024.