PNB Housing Finance Ltd, a wholly owned subsidiary of Punjab National Bank, has recorded a growth of 26 per cent in loan sanctions and 36 per cent in loan disbursements in the first five months of the current fiscal, compared with the corresponding period last year.
According to a company statement, the bank's cumulative sanctions and disbursements, as on August 31, 2000, were Rs 472.81 crore and Rs 419.33 crore, respectively. The company has earned a total income of Rs 49.88 crore during 1999-2000 as against 31.9 crore last year. It has registered a growth in net profit at Rs 5.63 crore in 1999-2000 compared with Rs 0.32 crore last year.
PNB Housing has targeted a growth of 40 per cent for the current fiscal, said PNB chairman, S S Kohli at the 12th annual general meeting held here recently. The company has shown a growth of 43 per cent in loan sanctions at Rs 97.24 crore and 38 per cent in loan disbursal at Rs 87.17 crore during 1999-2000.
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The company has registered the recovery of 98 per cent in case of individual housing loans. As on March 31, 2000, the net non performing assets in case of individual housing loans were 0.4 per cent of total risk weighted assets were 5.59 per cent, the statement said.
PNB Housing has co-opted Manu Chadda, a chartered accountant, in its board as director. The other directors comprising in the board include, Kohli, PNB executive director, A R Chabaria, P K Gupta and PNB Housing managing director, R Nambirajan.
The company is planning to enter into financing commercial properties to professionals, which includes offices, nursing homes and cyber cafes. It is also planning to extend loan against mortgage of immovable property, which can be availed for any purpose.