PNB Housing Finance aims to reduce its corporate debt ledger by less than Rs 10,000 by the end of the current financial year. The company focuses heavily on retail lending activities. PNB Housing Finance’s total corporate debt stood at Rs. 10,989 crore, or 15 per cent of its total managed asset.
The business of the company promoted by the Punjab National Bank was influenced by the second wave of Kovid. Haradayal Prasad, Managing Director and CEO of PNB Housing Finance, in an interview with PTI, said, “In the current quarter (June 2021), we have been able to reduce the book value of corporate debt by Rs 800 crore and we will reduce it by Rs 10,000 crore.
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The company has reduced its corporate loan book by 25 percent with effect from March 2020. At some point or another, the company has to decide the size of its corporate debt, Prasad said. “This (corporate book) is about Rs 11,800 crore (by the end of the financial year 2020-21). Now it is around Rs 10,900-10,800 crore, so we are aiming to bring it down to Rs 10,000 crore and what kind of capital we need to have going forward.” Consider that.
The company has taken a major initiative for its retail book and is focusing on small loans, which have led to an increase in loans of less than Rs 2, he said. In January, the company devised a strategy to expand its retail book.
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