PNB Housing targets 100% growth in Punjab

Stating that Punjab had a significant contribution in the business of Punjab National Bank Housing Finance Ltd (PNBHFL), V K Khanna, managing director of PNBHFL, today said the company had set a target at 100 per cent growth from the state in the current financial year.

"Of the total business of Rs 1,300 crore from the country, Punjab contributes almost Rs 75 crore, that too from two offices in the state," Khanna told reporters.

During a visit to the company's branch office in Jalandhar, Khanna said PNBHFL had two branches in Ludhiana and Jalandhar, which were covering the state.

The Ludhiana branch disbursed Rs 7.26 crore with a total loan outstanding of Rs 27.07 crore during the current financial year and Jalandhar 14.10 crore, which was substantially ahead of the target assigned to the branch.

Khanna said PNBHFL, a wholly-owned subsidiary of Punjab National Bank, had 28 branches in the country and it achieved 59 per cent growth in net profit after tax during 2005-06.