LIC Housing Finance Q2 net up 12% at Rs 573 crore

Housing finance arm of India's largest insurer LIC HFL Monday reported an increase of 12 per cent in its net profit at Rs 573.16 crore for second quarter ended September 2018.

The company had registered a net profit of Rs 513.88 crore in its net profit in the corresponding July-September period of 2017-18.

Total income of the company rose to Rs 4,202.60 crore during the quarter under review, up from Rs 3,759.24 crore in same period of the preceding fiscal, LIC Housing Finance (LIC HFL) said in a regulatory filing.

The company said it paid the proposed dividend of Rs 6.80 per share after shareholders approved in annual general meeting held in August.

LIC HFL is mainly engaged in the business to provide loans for purchase or construction of residential houses.

As per National Housing Bank (NHB) norms, gross non-performing assets (NPAs) for the company stood at 1.20 per cent as on September 30, 2018. Gross NPAs in individual segment was 0.81 per cent, it said in a release.

Speaking on the performance, Vinay Sah, MD and CEO, LIC Housing Finance said, "In the second quarter of the financial year, we have seen strong disbursal growth and expect the trend to continue in future quarters."