New Delhi, April 6 (IANS) PNB Housing Finance Ltd will raise $75 million from the Japan International Cooperation Agency (JICA), with co-financing of $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.
“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 execut ed,” Sanjaya Gupta, MD, PNBHF said.
As on March 31, PNBHF has maintained sufficient liquidity of around Rs 7,588 crore (not considering its SLR investments) and has additional sanctioned but undrawn lines of Rs 3,994 crore and has serviced all its committed liabilities till date without exercising the moratorium option.
On the business front, it closed the year at a healthy AUM of around Rs 84,000 crore with deposit mobilization of around Rs 9,200 crore in FY20. During nine months of FY20, its credit cost was 85bps.
“Though, the impact of the changed scenario arising due to COVID-19 is getting worked out, as an organisation, 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,” Gupta said.
PNBHF will soon avail disbursement of this ECB facility. This is a long term facility of five years that would further help in balancing NBFC’s ALM position.
–IANS
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