Developer loan recovery helps PNB Housing Finance clear Rs 784 crore NPA, ET RealEstate

August 27, 2023

MUMBAI: PNB Housing Finance has told the stock exchanges that it has resolved a significant non-performing asset (NPA) pertaining to a developer loan amounting to Rs 784 crore.

The company said it has fully recovered this corporate non-performing asset (NPA), constituting approximately 1.3% of the Loan Asset as of June 30, 2023.

The resolution of this account was achieved on August 19, 2023, by selling the loan to an asset reconstruction company under the Swiss Challenge method in accordance with the Reserve Bank of India’s (RBI) Transfer of Loan Exposures Directions, 2021.

As of June 30, 2023, PNB Housing’s Gross NPA totalled Rs 2,270 crore, representing 3.76% of the loan assets. The company’s loan assets amounted to Rs 60,395 crore.

In an analyst call on July 24, the company’s MD Girish Kousgi had said “On the corporate book, we had two NPAs last quarter, this year as well this quarter as latest two NPAs, total amount is INR854 crores. Out of this one account constitutes to 92%, which is back by a large developer,” said Kousgi.

Kousgi said that the company had de-grown its corporate loan book by 45% year-on-year.

  • Published On Aug 20, 2023 at 06:16 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment