Charumini de Silva
The HDFC Bank has recorded a 100 percent growth in granting housing loans during the first quarter. The number of loans granted during the period increased from 1,849 to 3,706. This resulted in generating around Rs 1.1 billion which was Rs 503 million last year.
It is a growth of 118 percent compared to the first quarter in 2010.
HDFC Bank Chairperson Siromi Wickramasinghe said they are pleased with the performance of the bank in the first quarter.
The bank is confident that it will achieve the target of 16,000 housing loans disbursement worth of Rs four billion this year.
The non-performing loans (NPL) have come down significantly. The net NPL rate which was 9.27 percent in December 31 last year has decreased to 8.39 percent by the end of March.
“This was mainly due to the reduction of interest rates, financial discipline and credit facilities becoming more affordable to the public,” she said.
“The bank is taking its utmost effort to bring down NPL rates further.
Having a young mobile banking team the bank covers the entire island to assist borrowers and to collect their re-payments. However, the recovery of these loans are commendable compared to other housing loans.
“We are confident that the bank will reach its targets while overcoming the challenges to take off in a sustainable manner,” Wickramasinghe said.
source - www.dailynews.lk
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