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Loan disbursements increase to Rs. 4670.08 crores, Company proposes 60% dividend. Mumbai, June 7, 2006: LIC Housing Finance announced its audited results for the year ended March 2006, following its approval by the Board of Directors in a meeting held in Mumbai today.
Performance : The company has recorded a healthy growth in business during the fourth quarter ended March 2006. Under Individual Loans, the Company sanctioned Rs. 1391.65 crores and disbursed Rs. 1347.59 crores. The total sanctions inclusive of Individual and Project loans amounted to Rs. 1487.30 crores and disbursements to Rs. 1413.10 crores. Net profit for the Q4 was Rs. 41.38 crores as compared to Rs. 14.17 crores in the corresponding period last year, thus showing a growth of 192.03 %. The Company's total Income for the fourth quarter ended March 2006 was Rs. 354.40 crores as against Rs. 275.90 crores during the same period last year. For the year ended March 2006, the Company sanctioned Rs. 5027.28 crores, and disbursed Rs. 4670.08 crores. For the year ended March 2006, the Company's total Income was Rs. 1268.83 crores as against Rs. 1049.60 crores during the same period last year. Net profit during this period was Rs 208.57 crores as compared to Rs. 143.72 crores in the corresponding period last year, a growth of 45.12 %. The Outstanding Mortgage Portfolio as on March 31, 2006 was Rs. 14867.19 crores as against Rs. 12418.32 crores on March 31, 2005 thus registering a growth of 19.72 %. The Board of Directors have recommended dividend of 60%. Business Initiatives : LICHFL Care Homes Ltd.: LICHFL Care Homes Ltd., a wholly owned subsidiary of LIC Housing Finance Ltd., inaugurated its first Assisted Living Community Centre in March 2006. This retirement village, nestled in eco-friendly greenery is fully self contained to take care of all the usual needs of the senior citizens. In its first phase the Bangalore Project houses 98 independent cottages spread across 10 acres of verdant garden. With the overwhelming response for its pilot project at Bangalore, Senior Citizens’ Homes for community living holds a tremendous future. Therefore, LICHFL Care Homes plans new projects at Kochi, Bhubaneshwar, Kolkata, Haridwar, Delhi etc. in the coming months. Investment in Real Estate Fund: The Company has participated in the Kotak Realty Fund with a contribution commitment of Rs. 50 crores and CIG Realty Fund, contribution commitment of Rs. 10 crores. Enhancing Market Reach: During the year under review LICHF focused on greater visibility and market penetration. In this process the publicity activities were more focused and also there have been qualitative and quantitative improvement so far as the Home Loan Agents and Direct Selling Agents are concerned. Corporate Clients: The Company at the moment provides loans to employees of over 792 Corporate Houses through its Corporate Employees Housing Loan Scheme 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 and a representative office in the UAE at Dubai. 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. Click here to see Detailed Financial Results For further information please contact:
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