|
(1 crore = 10 million)
Performance Details:
The Company has recorded a strong growth in business during the second quarter ended September 2008. The Company sanctioned Rs. 2948 crores and disbursed Rs. 2159 crores of loans, registering a growth of 30% and 35% respectively. Disbursements in the individual loans segment registered a growth of 41% for the quarter ended September 2008.
The Total Income of the Company for the quarter ended September 2008 was Rs. 708 crores as against Rs. 525 crores during the same period last year, a growth of 35%. Total income for the period included Rs. 21.67 crores as income from short-term investment of surplus funds in liquid fund schemes of Mutual Funds and in Bank Fixed Deposits (Rs. 10.69 crores for the same period in the previous year). However the interest expenses for the quarter increased by over 41% as compared to the corresponding quarter of the previous year.
The Net profit for the second quarter was Rs. 135.06 crores as compared to Rs.116.38 crores in the corresponding period last year, thus showing a growth of 16 %.
For the six months ended September 2008 the Company sanctioned Rs. 4734 crores and disbursed Rs. 3679 crores, an increase of 38% and 30% respectively.
For the six months ended September 2008, the Company's total Income was Rs.1331 crores as against Rs.994 crores during the same period last year, registering a growth of 34%. Total income for the period includes Rs 35.98 crores as income from short-term investment of surplus funds in liquid fund schemes of Mutual Funds and in Bank Fixed Deposits (Rs. 24.08 crores for the same period in the previous year).
Net profit during this period was Rs.239.73 crores as compared to Rs. 163.07 crores in the corresponding period last year, a growth of 47 %.
The Outstanding Mortgage Portfolio as on September 30, 2008 was Rs. 24132 crores as against Rs. 19135 crores on September 2007, thus registering a growth of 26%.
The Gross Non Performing Assets recorded a decline from 2.84% as on September 2007 to 1.85% as of September 2008. The Net NPAs of the Company stood at 0.87 % as of September 2008 as against 1.65% as on September 2007.
The Company recorded a Net Interest Margin of 2.92% for the second quarter of FY - 2009 as against 2.68% for the first quarter of the current year.
Mr. R.R. Nair, Director and Chief Executive, LIC Housing Finance said, “The Company has seen a healthy growth in almost all areas of operation in the quarter just ended. The outlook for the next two quarters in the current year also is positive in terms of maintaining the growth in business and profitability.”
About the Company:
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 127 marketing offices across the country and representative offices at Dubai & Kuwait. It 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
Click here to see Detailed Financial Results
For further information please visit the website www.lichousing.com or contact:
Mr.R.R.Nair Mr. Hemant Batra
Director & Chief Executive Adfactors PR
LIC Housing Finance Ltd Tel: 2281 3565
Tel: 2285 4248
|
