LIC First quarter net up 124%

The country's second largest mortgage player LIC Housing Finance today reported a 124 per cent jump in net profit to Rs 104.66 crore for the quarter ended June this year, compared to 46.69 crore in the first quarter last year.

The company’s total income rose 35 per cent to Rs 622 crore. “We have not faced any slowdown in demand,” LIC Housing Finance director and chief executive R R Nair said.

While disbursements were 24 per cent higher at Rs 1,521 crore at the end of June 2008, the company is targeting an increase of around 38 per cent. “We believe genuine demand still exists,” Nair said.