National Housing Bank (NHB), that recorded 19 per cent jump in net profit at Rs 288 crore for the year ended June 2010, today said it plans to raise Rs 9,000 crore from market during this fiscal (July 2010-June 2011).
The bank has recorded the highest net profit and operating profit has also increased by 25 per cent at Rs 444 crore During the financial year July 2009-June 2010, NHB Chairman and Managing Director R V Verma told reporters here.
Record profit is due to higher net interest income during the fiscal, he said.
"During the year, the bank disbursed Rs 8,160 crore while sanctioned loans worth Rs 12,715 crore," he said.
This fiscal disbursal target is Rs 10,000 crore, he said, adding that the bank plans to mobilise Rs 8,000-9,000 crore through various instruments.
Total income of the bank stood at Rs 1,543 crore during the fiscal, he said.
At the end of June 30, 2010, the gross loans stood at Rs 19,837 crore, he said, adding capital adequacy ratio of the bank was 20 per cent.
Talking about asset quality, he said that the gross and net NPA are nil.
On setting up of mortgage guarantee firm, Verma said that it will rope in a technical partner for the proposed venture in the next one month.
"We will be finanlising in about month technical partner for mortgage guarantee business," he said.
The mortgage guarantee company provides credit guarantees to housing finance companies and commercial banks on behalf of clients seeking housing loans.
NBH would be the lead partner with 38 per cent stake while Asian Development Bank and International Finance Corporation (IFC) would hold 13 per cent each, he said.
However, the technical partner with 36 per cent stake would be responsible for managing the business, he said without divulging the name of institution.
To begin with, the company would have a paid-up capital of Rs 120 crore which can go up to Rs 750 crore with the business growth.
Earlier, NHB was in talks with the American International Group (AIG) for setting up this mortgage guarantee company. However, the plans did not materialise due to heavy losses incurred by the insurance firm during financial meltdown.