Mumbai, November 29, 2003: LIC Housing Finance announced its audited results for the half year ended September 2003, following its approval by the Board of Directors in a meeting held in Mumbai on November 29, 2003

Highlights

	(Rs. in crores)
Half year ended September 2003 Loans Sanctioned 2133.64 Up by 47% Loans Disbursed 1865.29 Up by 49% Total Income 480.02 Up by 6% Net Profit 69.93 Up by 11% Outstanding Mortgage Portfolio 8830.12 Up by 25%

Performance Details:
The Company has recorded a healthy growth in business as at the end of quarter September 2003. Loans sanctioned stood at Rs.1195.61 crores and disbursements were Rs.942.56 crores.

The Company's total Income for the second quarter ended September 2003 was Rs.248.32 crores as against Rs.233.99 crores during the same period last year. This shows a growth of 6%. Net profit during Q2 was Rs 35.98 crores as compared to Rs29.23 crores in the corresponding period last year, thus showing a growth of 23%.

For the half year ended September 2003 the Company sanctioned Rs. 2133.64 crores, up by 47% as compared to the same period previous year and disbursement grew at 49% to Rs.1865.29 crores.

For the half year ended September 2003, the Company's total Income was Rs.480.02 crores as against Rs.453.06 crores during the same period last year. This shows a growth of 6%. Net profit during this period was Rs 69.93 crores as compared to Rs 62.82 crores in the corresponding period last year, thus showing a growth of 11%.

The Outstanding Mortgage Portfolio as on September 30, 2003 was Rs.8830.12 crores as against Rs.7058.57 crores on September 30, 2002, thus registering a growth of 25%.

Future Outlook of the Company:
S.C. Jain, Director & Chief Executive said, “While our continued emphasis on diversification and strengthening of marketing channels, product innovation and improvement on customer service should work as growth drivers, new initiatives taken by the Company in reducing its cost of funds on incremental as well as overall basis, and setting up effective recovery mechanism to reduce NPAs are aimed at the bottom line.”

About the Company:
LIC Housing Finance Ltd is one of the largest housing finance companies in India having the widest marketing network of 112 offices across the country. It was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. The company enjoys ‘AAA’ rating from CRISIL and CARE indicating highest safety with regard to the ability to service interest and repay capital.