PNB Housing Finance stock rises 19.11% on the first trading day of FY25

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The stock of PNB Housing Finance Ltd rose sharply by 19.11 per cent to close at Rs 749.55 per share on BSE on the first trading day of the new financial year (FY25).

Analysis of the share price trend on BSE showed that PNB Housing share has risen by 76.3 per cent in the one-year period.

Also, last week, two rating agencies – ICRA and CARE Ratings – affirmed and upgraded the Company’s ratings to ‘AA+’ from ‘AA’ with a ‘Stable’ outlook.

ICRA, in its rating commentary, said the rating action factors in the sustained improvement in the company’s credit profile, driven by improved asset quality metrics and the strengthened capitalisation profile.

The upgrade in ratings derives strength from the company’s improving asset quality as reflected in the Gross Non-Performing Assets (NPAs) ratio of 1.73 per cent as of December 31, 2023, as against 8.0 per cent as of March 31, 2022. Further, the revision continues to factor in PNBHFL’s strong market position as the third-largest housing finance company (HFC) in the country, along with a well-diversified resource profile, CARE Ratings said.

Girish Kousgi, Managing Director & Chief Executive, PNBHFL, in a statement said the company was closing the financial year (FY24) with three consistent credit rating upgrades from India Ratings, ICRA, and CARE in the last quarter alone (Q4FY24). This reflects the company’s holistic growth strategy of boosting business performance and delivering on important financial metrics.

Its on-balance sheet loan book grew by six per cent year-on-year basis to Rs 61,125 crore as of December 31, 2023.

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Pooja Gupta

CA Pooja Gupta (CA, ISA, having 15 years of experience. Educator and Digital Creator

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CA Pooja Gupta (CA, ISA, having 15 years of experience. Educator and Digital Creator

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