PNB Housing Finance strengthens foothold in Karnataka

PNB Housing Finance Branch Inauguration.jpg

Inaugurates 8th branch at Bengaluru, taking the total branch network in South India to 21

 Bengaluru, August 18, 2017: PNB Housing Finance, 5th largest housing finance company, today announced the inauguration of its new branch at Bengaluru. The new state-of-the art facility is located at PNB Housing Finance Ltd, Maruthi Plaza, 100ft ring road, Indira Nagar in Bangalore. With this, the company will now have 21 branches in South India.

The new branch has been inaugurated by Mr. Vinod Reddy, GM & Zonal Business Head, South and Mr. Sunil C, Regional Business Head, Karnataka PNB Housing Finance along with other dignitaries.

PNB Housing Finance Executive Director and Business Head Shaji Varghese said, “South is a key focus region for PNB Housing. Within the states, Karnataka is leading the growth of PNB Housing in southern markets, contributing more than 50% of the company’s southern retail business. The continuous expansion in Karnataka is aimed at strengthening PNB Housing’s footprint in high-potential and high-demand regions. Expansion is the engine of growth for the next few fiscals and Bangalore will remain a significant an integral part of our expansion strategy.”

 Significantly, Indira Nagar Branch is the 3rd new branch that PNB Housing has opened in the city within just 3 months of the current fiscal. Earlier in June, the company opened two new branches at Kasturi Nagar and Vijaynagar.

 PNB Housing Finance has a total of 71 branches across 39 towns and cities. In FY2016-17, the Company sanctioned loans worth INR 23704 crores while the total retail disbursement was INR 15766 crores. In the current fiscal, the Company plans to open a total of 23 new branches across India, with a majority of these located in western and southern regions.

About PNB Housing Finance Limited

PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November, 2016. The Company offer its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company.

Safe Harbour Statement

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this release is only current as of its date. Certain statements made in this release may not be based on historical information or facts and may be “forward looking statements”, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This release does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this release, without obligation to notify any person of such revision or changes. This release cannot be copied and/or disseminated in any manner.

 

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