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PNB Housing Finance Q4 consolidated net loss at Rs 242.1 cr - Mumbai News

Mumbai, June 13 (IANS) PNB Housing Finance on Saturday reported a consolidated net loss of Rs 242.1 crore for the fourth quarter of 2020-21, due to higher provisions for Covid-19 among others factors.

Updated Jun 13, 2020 16:39 PM

PNB Housing Finance Q4 consolidated net loss at Rs 242.1 cr - Mumbai News

The company had reported a net profit of Rs 379.7 crore for the corresponding period of the previous fiscal.

"Profit after Tax degrew by 163.7 per cent primarily on account of higher provisions, including Covid-19 provision of INR 471 crore resulting in the loss of INR 242.1 crore from profit of INR 379.7 crore," the company said in a statement.

"Adjusted for Covid-19 provision, the PAT for Q4 FY19-20 would have been approx. INR 122 crore."

The company's net interest income during the fourth quarter declined by 19.9 per cent to Rs 488.1 crore, from Rs 609.7 crore earned during the corresponding quarter of the previous year.

In the statement, Neeraj Vyas, Managing Director & CEO said: "With focus on strengthening the balance sheet, the company took internal measures and built sufficient provisions. As a result, the total provision to total as set ratio more than tripled YoY at 2.62 per cent as on 31st March 2020".

"The Capital adequacy ratio expanded by 400 bps YoY to 17.98 per cent with Tier-I at 15.18 per cent as on 31st March 2020 in comparison to 31st March 2019 of 13.98 per cent with Tier-I at 11 per cent."

Further, the company said it has adopted conservative stand and created additional Covid-19 provision of Rs 471 crore during the quarter representing 27 per cent of the total provision as on March 31st, 2020.

On the business impact of Covid-19 outbreak, the company said: "Presently, the company is well capitalised and has maintained adequate liquidity. The company also continues to raise funds from banks, refinancing from NHB and fixed deposits. The company did not opt for moratorium from its lenders and serviced its financial obligations in a timely manner."

"There is no impact on internal financial controls due to the Covid-19 situation."

In addition, the company said that its net NPA stood at 1.75 per cent of the 'Loan Assets' as on March 31st 2020 against 0.38 per cent as on March 31, 2019.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media