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Loan disbursements crosses Rs. 4650 crores, proposes 50% dividend. Mumbai, June 26, 2005: LIC Housing Finance announced its audited results for the year ended March 2005, following its approval by the Board of Directors in a meeting held in Mumbai today.
Performance : Company recorded a growth of 12% in sanctions and over 13% in disbursements during the FY 2004-05. Under Individual Loans, the Company sanctioned 83205 loans for total amount of Rs. 4415 crores and disbursed 84387 loans for a total amount of Rs. 4207 crores. Total sanctions for the year inclusive of Individual and Project loans amounted to Rs. 5209 crores and total disbursements during the year amounted to Rs. 4650 crores. Outstanding Mortgage Portfolio as on March 31, 2005 was Rs. 12418 crores as against Rs.9892 crores as on March 31, 2004, showing a growth of 25.5%. The Company's total Interest Income on Housing Loans for the year ended March 2005 was Rs. 978 crores as against Rs. 911 crores in the last year, registering growth of 7.4 %. Interest expenses of the Company for the period was Rs. 677 crores as against Rs. 610 crores in the previous year. Company's total income during FY 2004-05 was Rs. 1048 crores as against Rs. 985 crores for the previous year, registering a growth of 6.4%. Profit Before Tax of the Company for FY 2004-05 was Rs. 204.30 crores, a growth of 8.5 % & Net Profit of the Company for FY 2004-05 was Rs. 143.72 crores as against Rs. 167.47 crores in the previous year. In the fourth quarter of FY 2004-05, the company recorded a total income of Rs. 274.57 crores (up by 9.5 %). The net profit of of the company for the fourth quarter stood at Rs. 14.17 crores. Sanctions for the fourth quarter was up by 19 % at Rs. 1624 crores & Disbursements were up by 19 % at Rs. 1458 crores. The National Housing Bank (NHB) has revised the NPA recognition norms with effect from 31.3.2005. As per the new norms, a loan is classified as a NPA if it is 90 days overdue, as against six months past due (earlier norms) in the previous year. As on 31.3.2005, under the earlier norms the Gross NPA of the Company has improved to 3.29% as compared to 3.59% in the previous year and Net NPAs as on March 2005 were down to 1.65% as compared to 2.37% in the previous year. As per the revised norms, the Gross & Net NPAs of the Company stands at 4.43% & 2.79% respectively. The Board of Directors have recommended dividend of 50%. Business Initiatives : Enhancing Market Reach: During the year under review the Company laid emphasis on strengthening its distribution channels. The Company increased the strength of its Home Loan Agents, Direct Sales Agents and Home Loan Counsellors to more than 4300 from 2700 at the beginning of the year. Corporate Clients: The Company at the moment provides loans to employees of over 700 Corporate Houses through its Corporate Employees Housing Loan Scheme. Global Depository Shares: During the year the company successfully concluded its maiden offering of Global Depository Shares ("GDS"). It issued five million GDSs representing 11.77% of the post offer equity capital of the company aggregating US$ 29.85 million through this offering. The GDSs are listed on the Luxembourg Stock Exchange. New Product: During the year the company introduced a new product -"Flexischeme" for the home loan borrowers wherein the borrowers will pay a fixed rate of interest for the first 5 years. At the end of 5 years they will exercise the option and decide to either continue with fixed rate loans or convert it to floating rate loans at the then prevailing rate of interest. LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said, "During the year under review the Company undertook a number of initiatives including a major restructuring exercise to strengthen its operations. It has significantly increased its agency base in line with its future growth strategy. With the prospects of the Housing sector continuing to be positive, the Company is poised to grow at a healthy rate in future" About the Company: LIC Housing Finance Ltd. is one of the largest housing finance companies in India having one of the widest marketing network of 115 offices across the country and another 100 camp offices. It also has a representative office at Dubai. The Company was promoted by Life Insurance Corporation of India in 1989 and a public issue was made in 1994. The company enjoys 'AAA' rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital. Click here to see Detailed Financial Results For further information please contact:
Performance : Company recorded a growth of 12% in sanctions and over 13% in disbursements during the FY 2004-05. Under Individual Loans, the Company sanctioned 83205 loans for total amount of Rs. 4415 crores and disbursed 84387 loans for a total amount of Rs. 4207 crores. Total sanctions for the year inclusive of Individual and Project loans amounted to Rs. 5209 crores and total disbursements during the year amounted to Rs. 4650 crores. Outstanding Mortgage Portfolio as on March 31, 2005 was Rs. 12418 crores as against Rs.9892 crores as on March 31, 2004, showing a growth of 25.5%. The Company's total Interest Income on Housing Loans for the year ended March 2005 was Rs. 978 crores as against Rs. 911 crores in the last year, registering growth of 7.4 %. Interest expenses of the Company for the period was Rs. 677 crores as against Rs. 610 crores in the previous year. Company's total income during FY 2004-05 was Rs. 1048 crores as against Rs. 985 crores for the previous year, registering a growth of 6.4%. Profit Before Tax of the Company for FY 2004-05 was Rs. 204.30 crores, a growth of 8.5 % & Net Profit of the Company for FY 2004-05 was Rs. 143.72 crores as against Rs. 167.47 crores in the previous year. In the fourth quarter of FY 2004-05, the company recorded a total income of Rs. 274.57 crores (up by 9.5 %). The net profit of of the company for the fourth quarter stood at Rs. 14.17 crores. Sanctions for the fourth quarter was up by 19 % at Rs. 1624 crores & Disbursements were up by 19 % at Rs. 1458 crores. The National Housing Bank (NHB) has revised the NPA recognition norms with effect from 31.3.2005. As per the new norms, a loan is classified as a NPA if it is 90 days overdue, as against six months past due (earlier norms) in the previous year. As on 31.3.2005, under the earlier norms the Gross NPA of the Company has improved to 3.29% as compared to 3.59% in the previous year and Net NPAs as on March 2005 were down to 1.65% as compared to 2.37% in the previous year. As per the revised norms, the Gross & Net NPAs of the Company stands at 4.43% & 2.79% respectively. The Board of Directors have recommended dividend of 50%. Business Initiatives : Enhancing Market Reach: During the year under review the Company laid emphasis on strengthening its distribution channels. The Company increased the strength of its Home Loan Agents, Direct Sales Agents and Home Loan Counsellors to more than 4300 from 2700 at the beginning of the year. Corporate Clients: The Company at the moment provides loans to employees of over 700 Corporate Houses through its Corporate Employees Housing Loan Scheme. Global Depository Shares: During the year the company successfully concluded its maiden offering of Global Depository Shares ("GDS"). It issued five million GDSs representing 11.77% of the post offer equity capital of the company aggregating US$ 29.85 million through this offering. The GDSs are listed on the Luxembourg Stock Exchange. New Product: During the year the company introduced a new product -"Flexischeme" for the home loan borrowers wherein the borrowers will pay a fixed rate of interest for the first 5 years. At the end of 5 years they will exercise the option and decide to either continue with fixed rate loans or convert it to floating rate loans at the then prevailing rate of interest. LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said, "During the year under review the Company undertook a number of initiatives including a major restructuring exercise to strengthen its operations. It has significantly increased its agency base in line with its future growth strategy. With the prospects of the Housing sector continuing to be positive, the Company is poised to grow at a healthy rate in future" About the Company: LIC Housing Finance Ltd. is one of the largest housing finance companies in India having one of the widest marketing network of 115 offices across the country and another 100 camp offices. It also has a representative office at Dubai. The Company was promoted by Life Insurance Corporation of India in 1989 and a public issue was made in 1994. The company enjoys 'AAA' rating from CRISIL indicating highest safety with regard to the ability to service interest and repay capital. Click here to see Detailed Financial Results For further information please contact:
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