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LIC Housing Finance Q2 net profit rises by 30.11% to Rs. 75.93 crores

Income rises 23.88% to Rs. 384.31 crores

Mumbai, October 27, 2006: LIC Housing Finance announced its un-audited results for the second quarter ended September 2006, following its approval by the Board of Directors in a meeting held in Mumbai on October 27, 2006.

Highlights

(Rs. in crores)
Quarter ended
September 2006		 Six months ended
September 2006
Interest Income on Housing Loans 365.71 Up by 26.33% 687.86 Up by 22.74%
Total Income 384.31 Up by 23.88% 724.46 Up by 21.48%
Profit Before Tax 94.57 Up by 31.73% 136.93 Up by 1.52%
Net Profit 75.93 Up by 30.11% 113.39 Up by 4.47%

Outstanding Mortgage Portfolio
(Individual Loans)

Rs. 15428 cr

Up by 20%
(1 crore = 10 million)

Performance Details:

The Company recorded a Net profit of Rs. 75.93 crores for the second quarter of the financial year as compared to Rs. 58.36 crores in the corresponding period last year, thus showing a growth of 30.11%. The Company's total Income for the second quarter ended September 2006 was Rs. 384.31 crores as against Rs. 310.22 crores during the same period last year, a growth of 23.88%.

During the second quarter ended September 2006, the Company sanctioned Rs. 1341 crores and disbursed Rs. 1172 crores.

For the half year ended September 2006 the Company sanctioned Rs. 2410 crores and disbursed Rs. 2262 crores.

For the half year ended September 2006, the Company's total Income was Rs. 724.46 crores as against Rs. 596.39 crores during the same period last year. Net profit during this period was Rs. 113.39 crores as compared to Rs. 108.54 crores in the corresponding period last year.

The Outstanding Mortgage Portfolio (Individual Loans) as on September 30, 2006 was Rs.15,428 crores as against Rs.12,813 crores as on September 30, 2005, thus registering a growth of 20 %.

LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said, " During the second quarter, the Company was able to improve its margins significantly, and also maintain the asset growth. With the industry continuing to grow strongly, the Company is poised to improve upon its performance further".

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. With the overwhelming response for its pilot project at Bangalore, Senior Citizens' Homes for community living holds a tremendous future. Work on the second centre, at Bhuvaneshwar is set to commence shortly.

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:

Mr. S. K. Mitter Mr. Hemant Batra
Director & Chief Executive Adfactors PR
LIC Housing Finance Ltd. Tel: 22813565
Tel: 22854248/ 22040006