LIC Housing Finance Q1 Net Profit moves up by 71% to Rs 212 cr
Income from operations grow 30%; Loan Disbursement Grows 40%; Loan Portfolio Grows 37%
The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2010 following its approval by the Board of Directors in a meeting held in Mumbai on July 15, 2010.
Performance Details:
- The company recorded a robust growth of 51% in Loan sanctions & 40% in loan disbursements during the first quarter ended June 2010. Out of the above, Individual housing loan sanctions grew by 28% to Rs. 3654 cr (Rs. 2854 cr for Q1 FY10) & Individual housing loan disbursements grew 32% to Rs. 3018 cr (Rs. 2280 cr for Q1 FY10).
- Outstanding Mortgage Portfolio as on June 30, 2010 was Rs. 40030 crores as against Rs. 29254 crores as on June 30, 2009, thus showing a growth of 37%. Individual housing loans comprised 90% of the Outstanding Mortgage Portfolio.
- The Company's total Income including other income for the quarter ended June 2010 was Rs. 1015 crores as against Rs.782 crores in the corresponding quarter last year, registering growth of 30%.
- Net Profit of the Company for quarter ended June 2010 was Rs. 212.02 crores as against Rs. 123.84 crores in the quarter ended June 2009, a rise of 71%.
- The Net Interest margins of the Company for the quarter ended June 2010 stood at 3.01% as against 2.45% for the quarter ended June 2009.
- The Gross NPAs of the Company stood at Rs 367 cr as on June 30, 2010 as compared to Rs 442 cr as on June 30, 2009.
- The Gross NPAs & Net NPAs of the Company as on June 30, 2010 stood at 0.92% & 0.35% as against 1.51 % & 0.65 % as on June 30, 2009.
- The Company opened 23 new marketing offices during the quarter.
Mr. R. R. Nair, Director and Chief Executive, LIC Housing Finance Limited said, “We have commenced the year on a strong note continuing on our good all-round performance with a strong asset and income growth, which we are confident of sustaining along with improved asset quality.”
About the Company:
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 205 offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through 33 branches of its subsidiary LICHFL Financial Services Ltd.
LIC Housing Finance Ltd 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
For further information please visit the website www.lichousing.com