HUDCO records 22% surge in loan disbursals at Rs 74.38 bln in FY’14

State-run Housing and Urban Development Corporation Ltd has witnessed 22% rise in loan disbursement towards urban infrastructure and housing projects at Rs 74.38 billion in 2013-14 fiscal as compared to Rs 61 billion y-o-y, PTI news agency reported.

Loan sanctions by the HUDCO decreased to Rs 174.91 billion during the previous financial year as compared to Rs 239.74 billion in the year ago period, sources told the agency.

According to the sources, HUDCO, in a memorandum of understanding (MoU) with ministry of housing and urban poverty alleviation, has set a target of loan sanctions of Rs 161 billion and loan disbursement of Rs 73 billion for the current fiscal ended on March 31, 2014.

The financing company has recorded marginal rise in net profit at Rs 7.19 billion in 2013-14 fiscal as compared to Rs 7 billion in 2012-13 fiscal. Net sales increased to Rs 29.44 billion in 2013-14 fiscal against Rs 28.64 billion, a year ago.