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LIC Housing Finance FY 2008 net profit rises by 39% to Rs 387 crores

LIC Housing Finance FY 2008 net profit rises by 39% to Rs 387 crores

Q4 Loan Disbursements up by 48 %, Q4 Net Profit up by 32 % to Rs.118 cr

Board proposes 100% dividend

Mumbai, April 25, 2008: LIC Housing Finance announced its audited results for the year ended March 2008, following its approval by the Board of Directors in a meeting held in Mumbai today.

Performance Highlights - F.Y. 2007-08 (Figures in Rs. crores)

Quarter

Ended

March 2008

Variation

Year ended March 2008

Variation

Total Income

629

Up by 39 %

2165

Up by 37 %

Interest Income on Housing Loans

572

Up by 34 %

2037

Up by 36 %

Net Interest Income

167

Up by 36 %

562

Up by 41 %

Profit before tax

179.79

Up by 50%

532.30

Up by 50%

Net Profit

118.10

Up by 32 %

387.19

Up by 39 %

Loans Disbursed

2598

Up by 48 %

7071

Up by 38%

Dividend

100 %

Earnings per Share(Rs)

45.59

Outstanding Mortgage Portfolio

_21936

Up by 25%

1 crore =10 million

Performance:

The company has recorded a healthy growth in business during the fourth quarter ended March 2008. The Company disbursed Rs 2598 crores, registering a growth of 48%.

Net profit for the Q4 was Rs.118.10 crores as compared to Rs.89.14 crores in the corresponding period last year, thus showing a growth of 32%. The Company's total Income for the fourth quarter ended March 2008 was Rs.629.25 crores as against Rs.451.20 crores during the same period last year.

For the year ended March 2008, the Company sanctioned Rs. 8618 crores, and disbursed Rs.7071 crores, a growth of 41% & 38% respectively.

For the year ended March 2008, the Company's total Income was Rs.2164.92 crores as against Rs.1575.56 crores during the same period last year. Net profit during this period was Rs 387.19 crores as compared to Rs.279.14 crores in the corresponding period last year, a growth of 39 %.

The Outstanding Mortgage Portfolio as on March 31, 2008 was Rs.21936 crores as against Rs.17563 crores on March 31, 2007, thus registering a growth of 25%.

The Gross NPAs of the Company stood at 1.70% on 31.3.2008 as against 2.57% as on 31.3.2007. Net NPAs were 0.64 % as against 1.26% for the corresponding dates.

The Net Interest Margins for the whole year stood at 2.85%

The Board of Directors have recommended dividend of 100%.

LIC Housing Finance, Director & Chief Executive, Mr. S.K.Mitter, said �The Company recorded a healthy all-round performance in the year under review. A strong disbursal & loan book growth in excess of industry averages, margin improvement and significant reduction in NPAs have placed the Company on a very sound footing for it to launch itself into the next level of growth and performance�

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 in March 2006 at Bangalore; the second project is coming up at Bhuvaneswar.

About the Company:

LIC Housing Finance Ltd is one of the largest housing finance companies in India having network of 115 offices across the country and overseas representative offices in Dubai and Kuwait. The Company 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 on its debt issuances indicating highest safety with regard to the ability to service interest and repay capital. The company recently launched its maiden Fixed Deposit program, rated FAAA/stable by CRISIL.

For further information please visit the website www.lichousing.com or contact:

Mr. S.K.Mitter

Director & Chief Executive Mr. Hemant Batra

LIC Housing Finance Ltd Adfactors PR Pvt. Ltd.

Tel: 22854248/ 22040006 Tel: 2281 3565