LIC Housing Fin March quarter net up 18.5%

No change in lender's NPAs; Board of Directors recommendeds 275% dividend

LIC Housing Finance has posted an 18.5 per cent rise in standalone net profit for the quarter ended March 31. The housing finance company posted net profit of Rs 448.01 crore in the fourth quarter in FY16, compared with Rs 378.18 crore for the corresponding quarter in the last financial year.

For the full year, standalone net profit after tax stood at Rs 1,660.79 crore showing a growth of 20 per cent when compared with the previous year. The outstanding mortgage portfolio as on March 31, 2016, was Rs 1,25,173 crore, against Rs 1,08,361 crore on March 31, 2015, registering a growth of 16 per cent. Individual loans portfolio stood at Rs 1,21,731 crore as on March 31, 2016, against Rs 1,05,630 crore a year ago, registering a growth of 15 per cent.

For the year ended March 31, 2016, the company recorded disbursement of Rs 36,151 crore, a growth of 19 per cent over the previous year. Individual loan disbursement was Rs 34,529 crore, registering a growth of 18 per cent.  

Gross non-performing assets (NPAs) of the company stood at 0.45 per cent on March 31, against 0.46 per cent a year ago. Net NPAs were 0.22 per cent, against 0.22 per cent for the corresponding date last year. Gross NPAs in the individual loans segment stood at 0.20 per cent as on March 31, against 0.24 per cent as on March 31 last year. Net interest margin for the full year was 2.52 per cent.

Sunita Sharma, managing director & CEO, LIC Housing Finance, said, “We have registered a robust growth in business in the fourth quarter as we continue to execute our proven business model of delivering value to customers which is helping us to bring about consistent top and bottom line growth. We are optimistic of a very good FY17.”

On a consolidated basis, the company posted net profit of Rs 1,667.69 crore for FY16 compared with Rs 1,395.6 crore in FY15. The Board of Directors have recommended a dividend of 275 per cent.