LIC Housing Finance Q1 net up 19% at Rs 382 cr

The total income rose 17% to Rs 2,965 cr

LIC Housing Finance reported a year-on-year 19% growth in net profit for the quarter ended June 30 at Rs 382.13 crore compared with the same period a year ago. The total income for the first quarter of the current fiscal was Rs 2,965 crore as against Rs 2,544 crore during the same period previous year recording a growth of 17%.

The revenue from operations grew 18% to Rs 2,917 crore. According to analysts, the strong operating performance for first quarter was driven by 22 bps year-on-year expansion in margins to 2.41%. The expansion in the Net Interest Margin (NIM) on a year-on-year basis was on account of declining borrowing costs.

During the quarter, the company disbursed loans of Rs 6,124 crore as against Rs 5,560 crore for the same quarter a year ago. Net interest income was Rs. 659 crore, recording a growth of 30% over the same period last year.

During the quarter provisions were higher at Rs 443.5 crore, compared with Rs 91.58 crore in the same quarter a year ago. Total gross Non-Performing Assets (NPAs) for the company including NPAs on developer loans was Rs 659 crore or 0.60% as on June 30 as against Rs 753 crore or 0.80% as on June 30, 2014. Net NPAs stood at 0.33% as on June 30 as against 0.49% as on June 30, 2014.