LIC Housing Finance net surges 27%

LIC Housing Finance posted a 27 per cent rise in its net profit to Rs 171.25 crore for the quarter ended September 30 as compared to Rs 135 crore in the year-ago quarter. The growth was helped by an Rs 41.69 crore write-back on provisions.

The firm sanctioned Rs 5,365 crore and disbursed Rs 3,757 crore of loans, posting a growth of 82 per cent and 75 per cent, respectively. In the individual loan segment, the sanctions grew 107 per cent on a year-on-year basis to Rs 4,427 crore, while disbursals rose 81 per cent to Rs 3,388 crore in the September 2009 quarter.

However, net interest income grew at a much slower pace, rising 9 per cent to Rs 187 crore. The total income of the company for the second quarter was Rs 839 crore as against Rs 708 crore during the same period last year, a growth of 19 per cent.