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PNB Housing Finance signed an agreement with JICA to raise US$ 75 Million with co-financing of US$25 Million by Citibank to finance mortgage loans in affordable housing segment

Posted On: 2020-04-06 19:30:11


PNB Housing Finance Ltd, 4th largest housing finance Company (PNBHF) in India and second largest deposit taking HFC, has signed an agreement with Japan International Cooperation Agency (JICA), one of the largest bilateral development organisations in the world, to raise US$ 75 million with co-financing of US$25 Million by Citibank(Citi) for the purpose of providing affordable housing to low income households in India based on the Facility for Accelerating Financial Inclusion in Asia.

"On this occasion, Mr. Sanjaya Gupta, MD, PNBHF said: we express our gratitude to JICA and Citi for partnering with us in their journey towards improving the lives of low-income households and promoting sustainable economic growth in India. This would be JICA's first debt funding in the Housing Finance Sector in India. We look forward to having a long term relationship with them.

In spite of the current lockdown, with our operational robustness and resilient human capital, the team worked relentlessly to have the agreement executed.

As on 31st March 2020, we have maintained sufficient liquidity of around INR 7,588 crore (not considering our SLR investments) and has additional sanctioned but undrawn lines of INR 3,994 crore and have serviced all our committed liabilities till date without exercising the moratorium option.

On the operations side we are completely focussed on customer service, recovery, treasury etc while ensuring the well-being of our employees and their families. All our customer facing functions are operational remotely and servicing the customers through digital modes.

On the business front we closed the year at a healthy AUM of around INR 84,000 crore with deposit mobilization of around INR 9,200 crore in FY20. During nine months of FY20, our credit cost was 85bps. Though, the impact of the changed scenario arising due to COVID-19 is getting worked out, as an organization we continue to be extremely vigilant and focused towards recovery initiatives. The Loan Spread is expected to be within the guided range of 200 to 215 bps for the current financial year."

"To add further Mr. Kapish Jain, CFO, PNBHF said: we are excited about our association with JICA and Citi. We have signed the agreement and the disbursement of this ECB facility shall be availed soon. This is a long term facility of five years that would further help in balancing our ALM position. During the quarter, on net basis, we repaid borrowings of over INR 2,500 crore."

Please note all the numbers mentioned for the year are provisional and unaudited.

Shares of PNB Housing Finance Ltd was last trading in BSE at Rs.161.55 as compared to the previous close of Rs. 170.05. The total number of shares traded during the day was 18215 in over 1100 trades.

The stock hit an intraday high of Rs. 172.5 and intraday low of 161.55. The net turnover during the day was Rs. 3015731.


Source: Equity Bulls

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