PNB Housing To Focus On Retail Loans This Year, Step Away From Corporate Loans
While PNB Housing Finance will honour its past commitments, it’s not going to take up new corporate loans, says MD Sanjaya Gupta.
PNB Housing Finance Ltd.’s is set to focus on growing its retail loan book this year—in terms of retail home loans or retail loans against property—while stepping away from corporate loans.
While the company will honour its past commitments, it’s not going to take up any new corporate loans, said Sanjaya Gupta, managing director of PNB Housing Finance.
“This is a year of retail, this is a year of consolidation, this is a year to get a little bit of Tier-I capital so that we are fuelled up for our future growth,” he told BloombergQuint.
The housing financier’s retail disbursements grew 7 percent in the quarter ended June, which is “commendable” considering the macroeconomic environment, Gupta said. In comparison, corporate disbursements contracted 82 percent during the same period.
PNB Housing Finance Q1 Results 2019-20: Key Highlights (YoY)
- Net interest income grew 45 percent to Rs 625.5 crore.
- Net profit rose 11 percent to Rs 284.5 crore.
- Net interest margin expanded to 3.14 percent from 2.74 percent.
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