PNB Housing Raises $75 Million From Sumitomo Mitsui Bank
Mortgage lender PNB Housing Finance Ltd. has raised $75 million or Rs 522 crore in external commercial borrowing under the automatic route.
The proceeds from the ECB, raised from the Singapore-based Sumitomo Mitsui Banking Corporation, will be used as per the applicable regulatory guidelines, the company said on Tuesday.
"The landed cost of the fully hedged facility has been much lower than the present domestic pricing for similar tenure. This facility will not only augment our liquidity but will further balance our long-term asset liability management position," PNB Housing Financial managing director Sanjaya Gupta said.
Last month, the company had raised $100 million from International Finance Corporation, a member of the World Bank Group, to finance the purchase of affordable housing projects.
In the June quarter, its net rose 11 percent to Rs 284.50 crore from Rs 255.80 crore in the year-ago period, while net interest income grew 45 percent to Rs 625.50 crore from Rs 432.8 crore.
Gross non-performing assets stood at 0.85 percent of the loan assets as against 0.43 percent a year ago and net NPA stood at 0.67 percent as against 0.33 percent last year.