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| LIC Housing Finance Q2 Loan Sanctions grows 82% |
| Announcement / Banking Oct 29, 2009, 19:29 IST |
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Disbursements grows 75%; Q2 net profit up by 27 % to Rs. 171.25 crores.
LIC Housing Finance Limited announced its unaudited results for the second quarter ended September 30, 2009, following its approval by the Board of Directors in a meeting held in Mumbai on October 29, 2009.
The Company has recorded a strong growth in its business during the second quarter ended September 2009. The Company sanctioned Rs. 5365 crores and disbursed Rs. 3757 crores of loans, registering a growth of 82% and 75% respectively. In the individual loan segment the Company sanctioned Rs. 4427 cr & disbursed Rs. 3388 cr, registering a growth of 107% & 81% respectively.
The Net profit for the second quarter was Rs. 171.25 crores as compared to Rs.135.07 crores in the corresponding period last year, thus showing a growth of 27 %. The Total Income of the Company for the second quarter was Rs. 839 crores as against Rs. 708 crores during the same period last year, a growth of 19 %.
For the six months ended September 2009, the Company sanctioned Rs. 8898 crores and disbursed Rs. 6187 crores, an increase of 88 % and 69 % respectively. In the individual loan segment the Company sanctioned Rs. 7281 cr & disbursed Rs. 5667 cr, registering a growth of 101% & 72% respectively.
For the six months ended September 2009, the Company's total Income was Rs.1621 crores as against Rs.1331 crores during the same period last year, a growth of 22%. Net profit during this period was Rs. 295.08 crores as compared to Rs. 239.73 crores in the corresponding period last year, a growth of 23 %.
The Outstanding Mortgage Portfolio as on September 30, 2009 was Rs. 31890 crores as against Rs. 24132 crores on September 2008, thus registering a growth of 32%.
The Gross Non Performing Assets recorded a decline from 1.85 % as on September 2008 to 1.28% as of September 2009. The Net NPAs of the Company declined from 0.87 % as of September 2008 to 0.62% as of September 2009.
The Company recorded a Net Interest Margin of 2.44 % for the second quarter of FY – 2009-10 as against 2.45% in the first quarter of FY – 2009-10.
Mr. R.R.Nair, Director and Chief Executive, LIC Housing Finance Limited said “The Company achieved a robust business growth in the second quarter, continuing on the strong Q1 performance. We are confident of delivering full year business growth numbers much in excess of industry averages. NPAs have also shown signs of easing in the second quarter and here too the Company is well in sight of its year–end targets of achieving gross NPA level of below 1%. Income growth has been lower than loan portfolio growth primarily because of lower margins on account of the Company passing on the lower cost benefits to the existing customers to an extent of 200 basis points in the past nine months. As far as margins are concerned, they are likely to improve in due course.”
About the Company:
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 158 marketing offices across the country and representative offices at Dubai & Kuwait. It was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys ‘AAA’ rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital. The Fixed Deposits of the Company are rated FAAA/stable by CRISIL
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