New Delhi : PNB Housing Finance is focusing its high-yield affordable housing business ‘Unnati’ in Tier-II and -III cities, and aims to operate 25 new branches by March this year.
In addition, the housing financier aims to Growth Unnati’s business has increased from 9 per cent at present to around 12-14 per cent. PNB Housing opened 13 Unnati locations during the quarter ended December 2021.
The company launched a transformative ‘Project Ignite’ in the last financial year with an aim to enhance its core capabilities by boosting the affordable housing business, catering to the self-employed. Section As well as to make the salaried segment differentiated to beat the competition in the loan market, among others.
The company’s Managing Director and CEO Hardayal Prasad said during the earnings call after the third quarter results that the company is focusing on high-yield affordable housing business growth in Tier-II and -III geographies.
“We have already opened 13 advancement locations during the quarter and 25 new locations will be commissioned by March 2022 from …” Growth Grow our presence and business in this segment,” Prasad said.
Unnati’s Total Assets Under Management (AUM) is 3,089 crore till December 31, 2021.
“Growth remains the focus for us and will continue to grow. So far, we have been able to do nine percent of the total actual business.
Its Business Head (Retail) Pankaj Jain said, “We have also identified 50 branches in the geographies where we are present. This will help us expand our reach and source our Unnati business in the fourth quarter of FY 2022. “
Jain said that the monthly disbursement numbers are expected to exceed 100 crores on immediate basis. “Our overall percentage of the advancement share will increase from nine percent to maybe 12-14 percent. That’s what we’re seeing.”
In a question related to fundraising after company has been liquidated 4,000 crore equity deal led by Carlyle, Prasad said: “We are still working on it. We haven’t announced anything. We haven’t come up with anything. We are still working on raising capital. And hopefully, once we’ve taken a few calls, we’ll get back to you and we’ll make the necessary announcements.”
PNB Housing Finance made a net profit of 188 crore in the quarter ended December 2021, down 19 per cent from the previous close. Disbursements, however, increased by 19 per cent 7,548 crores.
Its credit head (retail) Jatul Anand said, “For Unnati loans, we have categorized loans under “ 35 lakh segment for both salaried and self-employed.”
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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