New Delhi, June 04: PNB Housing Finance on Tuesday declared around 30% growth in net profit at Rs 11.9 crore for ‘02-03. The company said it was planning to raise around $25m through external commercial borrowings (ECBs). The external borrowings, for which the board had approved at the recent meeting, are to aid the PNB’s housing subsidiary to realise Rs 500 crore business in this year, a release from the company said .
“This will help the company in taking advantage of low cost resources in the overseas market and bringing down further the cost of funds,” PNBHF managing director VP Choudhary said in the statement.

He said the company had raised low cost resources of over Rs 200 crore during ‘02-03. The company’s total income was up by 20% to Rs 80.4 crore in ‘02-03.The company would soon open more branches in Jalandhar, Nagpur, Raipur, Kolkata, Bhubhaneswar and Bikaner. Bureau Report