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New Delhi, May 2 PNB Housing Finance Ltd, a wholly owned subsidiary of Punjab National Bank, on Friday reported a 45.17 per cent increase in net profit for the year ended March 31 at Rs 40.59 crore, when compared with a net profit of Rs 27.96 crore recorded last year.

Total income of the company for the period under review grew 49 per cent to Rs 227 crore (Rs 153 crore). A statement issued by the company said that the board of directors have proposed 20 per cent dividend (including interim dividend of 10 per cent) for 2007-08.

Mr V.K. Khanna, Managing Director of the company, said that the company is looking to double the credit portfolio within the next two years. The company is also exploring the possibility of meeting its capital requirement through induction of private equity. This process is likely to be completed by September.

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