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Individual Loan sanction up 33%, disbursals up 26%. Mumbai, October 24, 2005: LIC Housing Finance announced its unaudited results for the second quarter ended September 2005, following its approval by the Board of Directors in a meeting held in Mumbai on October 24, 2005. Highlights
Performance Details: The Company has recorded a healthy growth in business during the second quarter ended September 2005. In the individual loan category, the Company sanctioned Rs. 1318 crores and disbursed Rs. 1171 crores registering a growth of 33% and 26% respectively. The total disbursement inclusive of individual and project loans for the quarter was Rs 1236 crores, a growth of 14%. Net profit for the Q2 was Rs. 58.36 crores as compared to Rs. 45.68 crores in the corresponding period last year, thus showing a growth of 28%. The Company's total Income for the second quarter ended September 2005 was Rs. 310 crores as against Rs. 257 crores during the same period last year, a growth of 21%. For the half year ended September 2005 the Company sanctioned Rs. 2318 crores and disbursed Rs. 2108 crores under the individual loan category, a growth of 24% and 16% respectively. The total sanctions and disbursals inclusive of individual and project loans for the half year ended September 2005 stood at Rs. 2340 crores and Rs. 2241 crores respectively, registering growth rates of 10% and 11%. For the half year ended September 2005, the Company's total Income was Rs. 596 crores as against Rs. 505 crores during the same period last year. Net profit during this period was Rs. 108.54 crores as compared to Rs. 87.55 crores in the corresponding period last year, a growth of 24%. The Outstanding Mortgage Portfolio as on September 30, 2005 was Rs.13587 crores as against Rs. 10798 crores on September 30, 2004, thus registering a growth of 26%. The Gross NPA of the Company under the new 90-day NPA recognition norms stands at 4.70% and the Net NPA stands at 3.03% as on September 30, 2005. Under the earlier NPA recognition norms (six months past due), the Gross and the Net NPAs as on September 30, 2005 declined to 3.25% and 1.59% respectively from 3.42% and 2.03% for the corresponding period of the previous year. LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said " The Company has been able to maintain its margins, which is reflected by its healthy PAT growth. The asset growth continues to be buoyant at 26%. The Company is well set to achieve a good all-round performance for the current year. " About the Company: LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest marketing networks of 115 offices across the country. 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 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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