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National Housing Bank reports net profit of Rs. 280 crores
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merisarkar news service
New Delhi, September 27, 2010 |
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NHB maintained 100% collection efficiency: RV Verma
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A fully owned subsidiary of Reserve Bank of India - National Housing Bank posted Net Profit of Rs. 280 crores and Gross Loans and Advances of Rs.19,837 crores for the financial year ending on June 30, 2010. The banks said in a statement, "100% collection efficiency was maintained during the year, with 'Nil' Gross NPAs and Net NPAs."
The Bank made a total loan disbursement of Rs. 8,160 crores, out of which the share of rural housing stood at 43%, amounting to Rs.3,696 crores. Disbursements during the year resulted in additional 1.83 lakh units. Average loan size was Rs.4.45 lakhs.
Mr. RV Verma, CMD, NHB said on the occasion, "The bank has played a key role in developing the institutional framework for housing finance system in the country. The strategic intent of NHB is directed towards development of low and moderate income housing market and secondary mortgage market. This will be built upon the strength and depth of the primary mortgage market. The Bank's strategic intervention will include financial, promotional and institution-building initiatives and measures."
Mr. Verma informed that in order to cater to the needs of Senior Citizens, NHB conceptualized and has introduced the Reverse Mortgage Loan. During the year, NHB further improved upon the facilities, by introducing Annuity-enabled product to the Reverse Mortgage Loan Scheme. The new product has banking and insurance elements in it.
The bank also has a property index known as NHB RESIDEX, which is designed to capture the price movements in residential properties in a comprehensive manner. Mr. Verma said that NHB Residex has been extended from 5 cities to 15 cities, and from half-yearly to quarterly updation.
NHB also launched 'NHB Housing Info India' as a portal for information on housing and housing finance in India for its users. It will be further scaled up to act as a complete repository of information.
The bank said in a statement that it will focus on inclusive housing and housing finance for low and moderate income households in urban and rural areas of the country. NHB has also forayed into Housing Microfinance market and has sanctioned financial assistance to 23 MFIs amounting to Rs. 83 crores, across a number of States, in all regions of the country.
During the year, 10 new Housing Finance Companies (HFCs) were granted registration by NHB, taking the total to 52 HFCs. The HFCs, during the year continued to show steady growth with combined loans and advances at Rs.2,04,921 crores as on 31-03-2010. The combined net NPAs was at Rs.1,438 crores as on 31-03-2010, down from Rs.2,118 crores as on 31-03-2009.
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