LIC Housing Q3 Net up 5 pc; aims for 20 pc growth in advances

LIC Housing Finance, which today reported a marginal 5.4 per cent rise net profit at Rs 344.35 crore in the three months to December, said it is looking at 20 per cent growth in advances by the fiscal end.
"We are hopeful of closing the fiscal with a 20 per cent growth in advances," the company's Managing Director and Chief Executive Sunita Sharma said here.
She said profit growth has come down as the company had to comply with the sectoral regulator National Housing Bank's norm on deferred tax liability, which saw LIC Housing Finance providing an additional Rs 34 crore for tax on its special reserves. NHB has issued this circular on May 7 last year.

The LIC subsidiary has said its loan book crossed the Rs 1 trillion mark during the third quarter under review at Rs 1,01,944 crore, up from Rs 86,422 crore a year ago.
Developer loan portfolio of the company came down to Rs 2,582 crore in the reporting period from Rs 2,752 crore in the year-ago period.
"Some of our NPA (non-performing asset) accounts got resolved during the reporting period which resulted in the coming down of the portfolio. Again we have done lots of disbursals during the quarter because of that portfolio remained at the same level as the last year's," Sharma said.

Total income increased from Rs 2,376.37 crore a year ago to Rs 2,735.78 crore for the quarter. Revenue from operations rose to Rs 2,667.89 crore during October-December 2014-15, up from Rs 2311.96 crore a year ago.

Other operating income stood at Rs 32.36 crore from Rs 30.74 crore in the third quarter of 2013-14.
Gross NPAs came down to 0.57 per cent from 0.81 per cent, while standard provisions stood at Rs 683 crore up from Rs 583 crore.
Shares of the company, whose main business is to provide loans for purchase or construction of residential houses, closed 1.89 per cent lower at Rs 453.95 apiece on the BSE.