PNB Housing Finance Affirms its Financial Strength and Growth with Three Consistent Credit Rating Upgrades in a Single Quarter

  • Secures rating upgrades from Ind-Ra, ICRA and CARE in Q4 FY24 alone

Bengaluru, 1st April 2024: PNB Housing Finance, one of the largest housing finance companies in India, announced its exceptional achievement of securing credit rating upgrades thrice in a row in a single quarter (Q4 FY24). India Ratings, ICRA and CARE Ratings affirmed and upgraded the Company’s ratings to ‘AA+’ from ‘AA’ with ‘Stable’ outlook. The rating rationale factors in PNB Housing Finance’s improved asset quality, strong market position, diversified resource profile and efficient capital management. Further, the agencies recognized the Company’s sharpened focus on the granularization of the retail loan book, along with the expansion of the affordable housing segment Roshni, for ensuring higher yields & interest margins, and improving profitability.

Mr. Girish Kousgi, MD & CEO, PNB Housing Finance, stated, “We are proud to close this financial year with three consistent credit rating upgrades from Ind-Ra, ICRA and CARE in the last quarter alone. This accomplishment reflects our holistic growth strategy of boosting our business performance, and delivering on important financial metrics. We are excited to step into the new financial year with renewed vigor and confidence of our key stakeholders, and our endeavor is to maintain this momentum to accomplish our long-term goals efficiently.”

Instrument Type Credit Rating
Bank Loans CARE AA+ (Outlook – Stable)

India Ratings AA+ (Outlook – Stable) CRISIL AA (Outlook – Positive)

Non-convertible Debentures (NCDs) CARE AA+ (Outlook – Stable) ICRA AA+ (Outlook – Stable)

India Ratings AA+ (Outlook – Stable)

CRISIL AA (Outlook – Positive)

Commercial Paper CARE A1+


Fixed Deposit CARE AA+ (Outlook – Stable) CRISIL AA (Outlook – Positive)

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