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PNB Housing Finance Achieves 73% Growth in Profits
New Delhi, May 02, 2008
PNB Housing Finance Ltd.(PNBHFL), a wholly owned subsidiary
of Punjab National Bank has shown 73% growth in profits before
tax during the financial year ended 31.3.2008. Announcing the
annual results in the Board meeting held on 02.05.08, V.K.
Khanna, MD of the Company, informed: “during the current year,
the profit before tax stood at Rs.57.33 crores (Rs.33.10
crores) and profit after tax was Rs.40.59 crores (Rs.27.96
crores). The Company has achieved 49% growth in total income
which stood at Rs.227 crores (Rs.153 crores). The net worth of
the company as on 31.3.08 has increased to Rs.163 crores
(Rs.131 crores) and earning per share was Rs.13.53 (Rs.9.32).
The Book value per share as on 31.3.08 has jumped to Rs.54.27
(Rs.43.75). Net NPAs of the Company has declined to 0.32%
during the year.
Subject to confirmation in the Annual General Meeting, the
Board has proposed 20% dividend (including interim dividend of
10%) which will absorb a sum of Rs.7.02 crores including
dividend distribution tax. Khanna also informed “The Company
is looking towards doubling the credit portfolio within the
next two years and is entering into tie ups with reputed
builders across the country for promoting individual housing
loans in their projects as cluster financing. The business
potential of cluster financing is sufficient to ensure good
growth in the loan disbursements of the Company in the current
year.
Branchwise Business Plan (loan disbursements, deposit
mobilization, NPA level and profit etc.) for f.y. 2008-09 has
been deliberated with the branch heads of the Company in their
meeting held on 15th-16th April, 2008. The Company is also in
the process of recruitment of young talent at various levels
to achieve the targeted heights. PNBHFL is exploring the
possibility of meeting its capital requirement through
induction of Private Equity based on valuation of the Audited
Results of March ’08 and growth potential. This process is
likely to be completed by September, ’08.
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