Mumbai, July 11: National Housing Bank (NHB), a wholly-owned sunsidiary of India, has posted a 60-per cent growth in its net profit for the year ended June 30. The apex housing bank had logged a figure of Rs 84 crore in 1996-97, while it was Rs 52 crore in 1995-96.

NHB's total income for fiscal 1996-97 stood at Rs 356 crore, indicating an increase of 15 per cent over the previous year's Rs 308 crore. The bank is targeting a total income of Rs 441 crore for the current year.

The bank's disbursements during the year grew 34 per cent to touch Rs 445 crore. During 1995-96, it stood at Rs 333 crore. For the current year, NHB has set an ambitious disbursement target of Rs 800 crore.

The bank has also revised its interest rates on refinance. The rates for advances of up to Rs 50,000 have been retained at 10 per cent. It has, however, directed housing finance companies not to charge more than 12 per cent on loans under this slab. "We have revised our refinance rates to keep in tune with the market trend," NHB chairman and managing director PP Vora said.

NHB proposes to raise nearly Rs 1,000 crore through the issue of priority sector bonds. The money will be raised in two tranches. As the first leg of the borrowing programme, the housing bank will raise Rs 250 crore with a green shoe option to retain a further Rs 250 crore.