HDFC housing loans increase by 100 percent
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
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,”