In the June quarter, PNB Housing Finance saw its retail loans, which is 94 per cent of its assets, growing 11 per cent to Rs 56,978 crore. The assets stood at Rs 60,395 crore, which was 5 per cent more than the year ago quarter.
Girish Kousgi, the managing director and chief executive, said that first quarter is traditionally a tepid for mortgage lenders.
“We’ve a loan sanction guidance of 17-18 per cent and disbursement target of 22 per cent for the full year, as normally home loan demand picks up from the second quarter and peaks in the third quarter.
“And I am pretty confident of meeting the targets, and we have already started the second quarter on a strong note,” Kousgi told in an interview.
Kousgi said his optimism is mainly due to the exit of HDFC from the market, saying that will help more on the funding side. In fact, there is a great opportunity on the liability side and also on the lending side, he added. Sounding bullish, he said their internal target is to touch the Rs 1 lakh crore-mark on the assets side over the next three to three-and-a-half years. The lender has a customer base of 2.6 lakh now and funding mix is one-third from deposits and 40 per cent from banks.
According to him, there is no need to raise growth capital in the next three to four months.
In May, PNB Housing Finance completed a rights issue of Rs 2,493.76 crore and saw the participation of Punjab National Bank, Carlyle, Ares SSG, General Atlantic and other large domestic and foreign institutional investors.
The proceeds from the issue are being utilised to fund strategic growth plans and capitalise on the available growth opportunities.
In the June quarter, the company reported a net income Rs 347 crore.
Net interest income improved by 70 per cent to Rs 629 crore as yield rose to 10.59 per cent from 8.63 per cent.
The disbursements during the quarter grew 7 per cent to Rs 3,686 crore and out of the total amount, retail disbursement was at Rs 3,667 crore.