LIC Housing net profit rise 16%

LIC Housing Finance has reported a 16.06 per cent rise in the net profit to Rs 135.06 crore for the second quarter ended September 30, compared to Rs 116.37 crore in the corresponding quarter last year.

In the same period the total income of the company increased by 34.6 per cent to Rs 704.23 crore against Rs 523.22 crore a year ago.

The net NPAs of the company stood at 0.87 per cent as of September 2008 compared to 1.65 per cent in the same period a year ago.

While the total disbursals of the company increased by 35 per cent to Rs 2,159 crore.

Commenting about the results, RR Nair Director and CEO of LIC Housing Finance, said, “Considering the present situation the results have been satisfactory and we believe that going forward in the next quarter the growth would be higher.”