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LIC Housing Finance Q3 ended December 2006 net profit rises by 31% to Rs. 76.61 crores

Q3 Total Income rises 27% to Rs. 405 crore

Mumbai, January 23, 2007: LIC Housing Finance announced its un-audited results for the third quarter ended December 2006, following its approval by the Board of Directors in a meeting held in Mumbai on January 23, 2007.

Highlights

(Rs. in crores)
Quarter ended
December 2006		 Nine months ended
December 2006
Interest Income on Housing Loans 385.00 Up by 28% 1073.00 Up by 25%
Total Income 405.00 Up by 27% 1130.00 Up by 23%
Profit Before Tax 96.64 Up by 26% 233.57 Up by 10%
Net Profit 76.61 Up by 31% 190.00 Up by 14%

Outstanding Mortgage Portfolio

16452

Up by 16%
(1 crore = 10 million)

Performance Details:

During the third quarter ended 31.12.2006, the Company has recorded sanctions and disbursements of Rs. 1216 cr and Rs. 1104 cr respectively.

Net profit for the Q3 was Rs. 76.61 crores as compared to Rs. 58.65 crores in the corresponding period last year, thus showing a growth of 31%. The Company's total Income for the third quarter ended December 2006 was Rs. 405.10 crores as against Rs. 318.06 crores during the same period last year, a growth of 27%.

For the nine months ended December 2006 the Company sanctioned Rs. 3626 crores and disbursed Rs. 3367 crores respectively.

For the nine months ended December 2006, the Company's total Income was Rs. 1129.56 crores as against Rs. 914.63 crores during the same period last year. Net profit during this period was Rs. 190 crores as compared to Rs. 167.19 crores in the corresponding period last year, a growth of 14%.

The Outstanding Mortgage Portfolio as on December 31, 2006 was Rs.16452 crores as against Rs.14194 crores as on December 2005, thus registering a growth of 16 %.

LIC Housing Finance Director & Chief Executive, Mr. S. K. Mitter, said, " The company has registered a strong performance in the third quarter and is set to show a healthy performance for the full year".

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 for Senior Citizens at Bangalore in March 2006. With the overwhelming response for its pilot project at Bangalore, the Company is planning new centres in the coming years. The second project is coming up at Bhuvaneshwar.

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 Pvt. Ltd.
LIC Housing Finance Ltd. Tel: 22813565
Tel: 22854248/ 22040006