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Loan Portfolio Grows 26%, Interest Income up by 16%. Highlights
Mumbai, July 30, 2005: The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended June 2005, following its approval by the Board of Directors in a meeting held in Mumbai on July 30, 2005. During the quarter under review, the Company sanctioned Rs. 999 crores and disbursed Rs. 938 crores in the Individual Loan category, registering a growth of 14% and 6% respectively. Outstanding Mortgage Portfolio as on June 30, 2005 was Rs. 12889 crores as against Rs.10222 crores as on June 30, 2004, showing a growth of 26%. The Company's total Interest Income for the quarter ended June 2005 was Rs. 271 crores as against Rs. 233 crores in the corresponding quarter last year, registering growth of 16%. Interest expenses of the Company for the period were Rs. 193 crores as compared to Rs. 160 crores in the Q1 last year. Company's total income for the quarter ended June 2005 was Rs. 286 crores as against Rs. 248 crores in the corresponding quarter of the previous year, registering a growth of 15%. Net Profit of the Company for quarter ended June 2005 was Rs. 50.18 crores as against Rs. 41.87 crores in the quarter ended June 2004, a growth of 20%. 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 per the earlier norms Gross Non Performing Assets (NPA) as on June 30, 2005 were 3.35% as compared to 3.45% in the corresponding quarter last year and Net NPAs as on June 2005 were 1.71% as compared to 2.16% in corresponding period last year. As per the revised norms, Gross and Net NPAs stood at 4.69% and 3.05% respectively. LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said, " During the quarter under review, sanctions and disbursements showed an improved growth and this trend is expected to continue going forward. The Income and Net Profits also registered healthy growth on account of a buoyant loan book growth. " 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. 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. Click here to see Detailed Financial Results For further information please contact:
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