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City Union Bank home loans book grows 22%

City Union Bank has extended around 1000 home loans amounting to Rs125 crore till September 2013. The loan book size is around Rs750 crore, constituting yoy growth of 22%. In the bank’s priority sector portfolio, home loans contributed to the extent of 12 % as at September 2013. Dr N. Kamakodi, MD & CEO of the bank say as the bank is predominantly having presence in the southern parts of the country, branches in the south metros viz. Chennai, Bangalore, Hyderabad and suburbs, besides Mumbai branches contributed sizably to the growth of the home loan portfolio. He said the bank has been very selective in entering tie-up with the builders and only very few builders who have proven track record with the bank have been entertained. Builders in the bank’s command area viz Trichy, Chennai and Kumbakonam use this as a marketing tool for their ongoing projects. Kamakodi also said that compared to previous years, the demand from the builders for financing their projects has marginally reduced and the bank has also taken a cautious decision of restricting the exposure to real estate sector to the prescribed levels. The bank has a moderate target of Rs 850 crore for the year 2013-14.

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