Date:05/07/2009 URL: http://www.thehindubusinessline.com/2009/07/05/stories/2009070551200500.htm

Back Deutsche Postbank Home Finance on expansion mode

Ch R.S. Sarma

Visakhapatnam, July 4

Deutsche Postbank Home Finance Ltd is expanding its reach in the Indian market and has set itself the target of disbursing housing loans of Rs 1,900 crore during the current financial year, according to Mr Achim Vogt, Managing Director.

In an interview to Business Line here on Saturday, he said the company had disbursed Rs 1,300 crore during 2008-09 and was confident of achieving the target for the current year.

“In spite of the recession, we have been growing at an impressive rate. The Indian market has been largely insulated from the global recession, as Indian exports are limited and there is a huge domestic market. However, certain sectors have been affected to an extent. There is a revival in the market of late and we are quite hopeful it will continue,” he said.

He said the company had set up 25 branches in the country, including one here and another in Hyderabad. “We are opening a second branch soon in Hyderabad. In Chennai, too, we may open another branch. We intend to expand further depending on the potential.”

Last year (2008-09), he said the company had earned Rs 44.38 crores net profit and it had reported one of the lowest gross NPAs in the industry at 0.74 per cent, he said. He said the company would focus on customer care and offer innovate products.

Mr Pavan K. Gupta, Zonal Business Head (South), said the company had disbursed Rs 25 crore in the city and a sales branch had been set up at Kakinada in East Godavari district. Mr S.V. Shiva Raju, senior branch sales manager, also spoke.