Shares of PNB Housing Finance steered close to their 52-week high after the company told the stock exchange about its recovery of a significant NPA of Rs 784 crore pertaining to a developer loan.

The company has fully recovered its large corporate non-performing account (NPA) of Rs 784 crore through its focused and multi-pronged resolution strategy. The recovered account is 1.3% of loan assets as of 30 June.

The NPA account was resolved by selling the loan to an Asset Restructuring Company (ARC) under the Swiss challenge method in accordance with the RBI (Reserve Bank of India) and was resolved on 19 August.

As of the end of the June quarter, the company’s Gross NPA stood at Rs 2,270 crore, which is 3.76% of loan assets which amounts to Rs 60,395 crore.

The company reported a 47.8% YoY increase in its consolidated net profit at Rs 347.32 crore from the Rs 234.96 crore reported in the year-ago quarter.

The revenue from operations saw a 21% YoY increase to Rs 1,707.63 crore against Rs 1,410.70 crore reported in Q1FY23.

PNB Housing Finance has a market capitalisation of Rs 16,491 crore, from which the public owns a 39.47% stake in the company. In contrast, the promoters, FIIs, and DIIs hold the remaining 28.15%, 24.77%, and 7.61% stake, respectively.

At 12:10 pm, the shares of PNB Housing Finance were trading at Rs 668.75 or 5.26% above its previous close of Rs 635.35 on NSE.