PNB Housing Finance has strengthened its financial profile with India Ratings upgrading the company’s secured credit ratings on its Non-Convertible Debentures and Bank Loans from ‘IND AA+’ to ‘IND AAA’ with a Stable Outlook.
The upgrade reflects the company’s consistent growth trajectory, strong fundamentals and the continued support and strategic shareholding of Punjab National Bank.
India Ratings noted PNB Housing’s proven performance across business parameters, improvement in profitability and asset quality, and the increasing granularity of its loan book, which has reduced concentration risks. The agency also highlighted the Company’s shared legacy with Punjab National Bank, reinforcing confidence in its long-term stability.
Commenting on the development, Jatul Anand, Executive Director, PNB Housing Finance, said the upgrade marks an important milestone, reaffirming the company’s strategic direction, financial strength and prudent risk management.
He added that the continuous rating upgrades over the past two years demonstrate the trust placed by promoters, investors and stakeholders, while the company remains focused on building a resilient retail-led franchise and strengthening asset quality and liquidity.
This upgrade follows the earlier enhancement from ‘IND AA’ to ‘IND AA+’ in Q3 FY24, supported by a strong capital buffer following the February 2023 capital infusion, improved asset quality and a more diversified loan book. The company’s performance continues to remain robust across cycles.
As of 30 September 2025, PNB Housing Finance’s Retail Loan Asset stood at Rs 79,439 crore, reflecting a 17 per cent year-on-year rise and accounting for 99.6 per cent of its Total Loan Asset of Rs 79,771 crore. The Gross NPA was at 1.04 per cent, while Return on Assets stood at 2.65 per cent (annualised) for H1 FY26. The Capital Risk Adequacy Ratio was reported at 29.80 per cent, with the cost of borrowing at 7.74 per cent during the same period.
PNB Housing Finance, incorporated in 1988 and registered with the National Housing Bank, is one of India’s largest housing finance companies, offering a diversified portfolio of housing and non-housing loans through a broad national branch network.
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