Central Bank of India signs co-lending partnership with HFFC

Central Bank of India has entered into a strategic co-lending partnership with Home First Finance Company (HFFC) India to offer offer home loans to borrowers at competitive rate.

Home First is a technology driven affordable housing finance company. The company's main target segment is salaried customers employed across the various sectors. Its AUM as at March 2022 stood at 5,380 crores spread across approximately 61,684 customers. It currently operates through its 80 branches in 12 states and one union territory.

The company said this co-lending arrangement will result in greater expansion of portfolio for both, Central Bank of India and Home First Finance Company India.

Under this arrangement, Home First Finance Company India will originate and process home loan proposals under priority sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the home loans under priority sector under mutually agreed terms.

HFFC will service the loan account throughout the life cycle of the loan. The co-lending arrangement is expected to help both the entities to offer convenient experience and customer delight pas well as help expand reach across India.

Central Bank of India is a public sector bank. The bank has a pan India presence with network of 4,528 branches, 2,999 ATMs and 10,644 BC Points with total 18,171 touch points as on June'22.

The bank reported 14.2% increase in standalone net profit to Rs 235 crore on a 0.9% rise in total income to Rs 6,357 crore in Q1 FY23 over Q1 FY22.

Shares of Central Bank of India declined 1.21% to Rs 20.40 on the BSE.

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