"The company is targeting to raise Rs 2,500 cr in FY16 through a mix of debt and deposits as part of the fund raising plans this year.
CHENNAI: City-based Sundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance Ltd, is looking at raising funds worth Rs 2,500 crore this fiscal as part of its expansion plans.
"The company is targeting to raise Rs 2,500 crore in FY16 through a mix of debt and deposits as part of the fund raising plans this year. National Housing Bank has sanctioned a funding of Rs 1,000 crore," Sundaram BNP Paribas said in a statement.
The mortgage lender eyes Rs 100-crore business from the rural housing segment during the current financial year, Sundaram BNP Paribas Home Finance Managing Director Srinivas Acharya said.
The smart cities project announced yesterday could be a trigger to aid the recovery in the real estate sector that has been sluggish for the last couple of years, he added.
Meanwhile, Sundaram BNP Paribas Home Finance has registered a net profit of Rs 146.42 crore for the year ended March 31, 2015.
The Chennai-based company had registered a net profit of Rs 150.73 crore in the previous fiscal.
"The figures are not comparable as there was a deferred tax liability on special reserves, introduced for the first time in financial year 2015, to the tune of Rs 9.59 crore", Sundaram BNP Paribas Home Finance said in a statement.
On the aquisition of housing finance companies, Acharya said, "The company added business close to Rs 25 crore through acquisition of home loan portfolios of housing finance companies and through securitisation in the second half of last year."
"We will continue to explore opportunities in the area of acquiring home loan portfolios of HFCs. The company believes there is a potential to acquire home loan portfolio of HFCs to the tune of Rs 100 crore this year," he said.
On the outlook for the financial year 2015-16, Acharya said, "...in the short to medium term we may not see a rapid recovery in the real estate space. For the moment, we are adopting a wait and watch approach on the growth prospects for the year."
Sundaram BNP Paribas Home Finance is a 50.1 and 49.9 per cent joint venture between Sundaram Finance and France-based BNP Paribas.
Income from operations for the financial year ending March 31, 2015, grew to Rs 954 crore from Rs 887 crore registered during the corresponding period last year.
Loans under management stood at Rs 7,486 crore as on March 31, 2015. The total home loan disbursements for the financial year ending March 31, 2015 declined to Rs 1,939 crore from Rs 2,493 crore registered during same period of previous year.
Sundaram Home Finance crossed more than 50,000 customers in FY 2015. The company has 108 offices across the country, the statement said.
CHENNAI: City-based Sundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance Ltd, is looking at raising funds worth Rs 2,500 crore this fiscal as part of its expansion plans."The company is targeting to raise Rs 2,500 crore in FY16 through a mix of debt and deposits as part of the fund raising plans this year. National Housing Bank has sanctioned a funding of Rs 1,000 crore," Sundaram BNP Paribas said in a statement.
The mortgage lender eyes Rs 100-crore business from the rural housing segment during the current financial year, Sundaram BNP Paribas Home Finance Managing Director Srinivas Acharya said.
The smart cities project announced yesterday could be a trigger to aid the recovery in the real estate sector that has been sluggish for the last couple of years, he added.
Meanwhile, Sundaram BNP Paribas Home Finance has registered a net profit of Rs 146.42 crore for the year ended March 31, 2015.
The Chennai-based company had registered a net profit of Rs 150.73 crore in the previous fiscal.
"The figures are not comparable as there was a deferred tax liability on special reserves, introduced for the first time in financial year 2015, to the tune of Rs 9.59 crore", Sundaram BNP Paribas Home Finance said in a statement.
On the aquisition of housing finance companies, Acharya said, "The company added business close to Rs 25 crore through acquisition of home loan portfolios of housing finance companies and through securitisation in the second half of last year."
"We will continue to explore opportunities in the area of acquiring home loan portfolios of HFCs. The company believes there is a potential to acquire home loan portfolio of HFCs to the tune of Rs 100 crore this year," he said.
On the outlook for the financial year 2015-16, Acharya said, "...in the short to medium term we may not see a rapid recovery in the real estate space. For the moment, we are adopting a wait and watch approach on the growth prospects for the year."
Sundaram BNP Paribas Home Finance is a 50.1 and 49.9 per cent joint venture between Sundaram Finance and France-based BNP Paribas.
Income from operations for the financial year ending March 31, 2015, grew to Rs 954 crore from Rs 887 crore registered during the corresponding period last year.
Loans under management stood at Rs 7,486 crore as on March 31, 2015. The total home loan disbursements for the financial year ending March 31, 2015 declined to Rs 1,939 crore from Rs 2,493 crore registered during same period of previous year.
Sundaram Home Finance crossed more than 50,000 customers in FY 2015. The company has 108 offices across the country, the statement said.
No comments:
Post a Comment