The Bhopal-based Cent Bank Home Finance Ltd (CBHFL), a subsidiary of Central Bank of India, will be expanding its network in west and north India.
The company, which has 12 branches currently, has set a target of Rs 533 crore sanctions and a disbursements target of Rs 464 crore for 2001-2002.
The company registered a gross income of Rs 31.94 crore over Rs 24.24 crore for the previous year, an increase of 31.78 per cent. Profit before tax rose to Rs 6.76 crore, an increase of 14.41 per cent over Rs 5.91 crore previously. CBHFL has declared a dividend of 11 per cent.
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R K Baxi, managing director of the company, said, "We have outperformed constantly since inception. We have to tap potential of the markets of India and we will expand our network. We are creating more jobs this fiscal.''
The company also plans to create more jobs. Baxi said, "We have decided to recruit 30 officials this year. We will recruit them under officials category through the Mumbai-based Institute of Banking Personnel Selection. There will no recruitment under the clerical grade. All will be officials.''
On CBHFL's performance, Baxi said: "Despite a slowdown in the construction industry a well-planned recovery and loan disbursement strategy for the actual borrowers has ensured a growth of further."
The cumulative sanctions of the company as on June 2001 has climbed up to Rs 424.3 crore for 25,778 units, while disbursements, which rose 44 per cent against the corresponding period of the last year, touched Rs 361. crore for 22,954 dwelling units, said Baxi.
On the new branches, he said: "We recently opened a branch at Bilaspur in Madhya Pradesh and other branches are going to be opened at Chiplun in Ratnagiri, Maharashtra, Ghaziabad in UP, Ratlam in MP and Gurgaon in Haryana.''
The company has 12 branches spread across the country at Bhopal, Indore, Gwalior, Jabalpur, Raipur, Bilaspur, New Delhi, Mumbai, Pune, Jaipur, Bangalore and Lucknow.