The Hindu : Spurt in Hudco's profit

Online edition of India's National Newspaper
Saturday, Apr 26, 2003

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Spurt in Hudco's profit

By Our Special Correspondent

NEW DELHI APRIL 25. The public sector housing finance major, Housing and Urban Development Corporation (Hudco), today reported a spurt in its profit at Rs. 265 crores for the fiscal ended March 31, 2003, against Rs. 114 crores in the previous year.

Announcing the results, the Union Minister for Urban Development and Poverty Alleviation, Ananth Kumar, said this spectacular growth on all parameters of financial performance had been possible because of continuous monitoring and review. He said Hudco registered a growth of 92 per cent in loans sanctioned in 2002-03 at Rs. 15,627 crores against Rs. 8,141 crores in the previous year. It recorded a growth of 75 per cent in loan disbursal at Rs. 8,180 crores against Rs. 4,662 crores.

About the restructuring of the institution, Mr. Kumar said the management had decided to do away with the zonal offices and delegate power to its regional offices. "We have decided to shutdown redtapism and the regional offices will be given (loan) releasing and sanctioning power," he said. The corporation had already declared a interim dividend of Rs. 29.23 crores and the final dividend for 2002-03 was likely to be Rs. 52 crores, an increase of 128 per cent as compared to 2001-02. The company also plans to strengthen Hudco Niwas as an ancillary with a special focus on retail lending, Mr. Kumar said.

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