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LIC Housing Finance Q1 ended June 2007 net Profit rises by 25% to Rs. 46.70 Crores

Loan Portfolio Grows 18%, Net Interest Income up by 59%

(Amount in Rs. crores)

Quarter ended
June 2007		 Quarter ended
June 2006		 Growth
Loan Sanctions 1156 993 Up by 16%
Loan Disbursements 1222 1080 Up by 12%
Interest Income on Housing Loan 442 322 Up by 37%
Net Interest Income 104 66 Up by 59%
Total Income 464 341 Up by 36%
Net Profit 46.70 37.46 Up by 25%

Outstanding Mortgage Portfolio

18185 15393

Up by 18%

(1 crore = 10 million)

Mumbai, July 17, 2007: The Board of Directors of LIC Housing Finance Ltd. announced its un-auditied results for the first quarter ended June 2007, following its approval by the Board of Directors in a meeting held in Mumbai on July 17, 2007.

Performance Details -

The company recorded a growth of 16% in Loan sanctions & 13% in loan disbursements during the first quarter ended June 2007.

Outstanding Mortgage Portfolio as on June 30, 2007 was Rs.18185 crores as against Rs.15393 crores as on June 30, 2006, showing a growth of over 18 %.

The Company's total Interest Income for the quarter ended June 2007 was Rs.442 crores as against Rs.322 crores in the corresponding quarter last year, registering growth of 37 %. Interest expenses of the Company for the period were Rs.338 crores as compared to Rs. 257 crores in the Q1 last year.

Net Profit of the Company for quarter ended June 2007 was Rs.46.70 crores as against Rs. 37.46 crores in the quarter ended June 2006, a rise of 25 %.

Business Initiatives:

Fixed Deposit Scheme
LIC Housing Finance Ltd (LICHFL), has decided to raise resources from retail depositors via a Fixed Deposit scheme. This is the first time since its inception in 1989 that the housing finance company is taking the FD route for mobilizing funds.

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. The second project is coming up at Bhuvaneswar for which the land has already been identified.

Enhancing Market Reach: The Company has opened a representative office at Kuwait recently.

LIC Housing Finance Director and Chief Executive, Mr. S. K. Mitter, said, “The Company has been able to maintain a healthy growth in profitability. The Company has also been able to maintain a healthy growth in interest income & Net Interest Income.”.

About the Company:

LIC Housing Finance Ltd 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