LIC Housing Finance on Thursday reported a 71 per cent increase in net profit during the first quarter ended June to Rs 212 crore, against Rs 123.84 crore during the corresponding period last year, primarily due to a sharp increase in disbursement.
Disbursement during the period went up by 40 per cent to Rs 3,392 crore as compared to Rs 2,430 crore in the year-ago period.
“We plan to borrow Rs 20,000 crore this year. Of this we have already borrowed Rs 16,000 crore. We expect the business to grow by 38 per cent this year,” said Director and Chief Executive R R Nair.
The company’s total income, including other earnings for the quarter-ended June 2010, went up by 30 per cent to Rs 1,015 crore against Rs 782 crore in the corresponding quarter last year.
The outstanding mortgage portfolio stood at Rs 40,030 crore against Rs 29,254 crore a year ago, registering a growth of 37 per cent.