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LIC Housing Finance Limited Q3 FY14 Net Profit Rs 326.59 crore, up by 38%
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LIC Housing Finance Ltd. Q2 Net Profit Rs. 243.06 cr

LIC Housing Finance Q2 Net Profit Rs 243.06 cr up by 147%
Individual Loan Disbursements up by 21%

Income from operations Rs.1840 cr up by 23%

Outstanding Loan Portfolio Rs.69119 cr up by 23%

Gross NPAs down from 0.64% to 0.60%

 

Mumbai, October 31, 2012: The Board of Directors of LIC Housing Finance announced its un-audited results for the second quarter ended on September 30, 2012 following its approval by the Board of Directors in a meeting held in Mumbai on October 31, 2012.

 

Performance Highlights – Q2 FY 2013   

                          (Figures in Rs. crores)         

 

 

Quarter

 Ended

 September 2012

 

Quarter

 Ended

 September 2011

 

 

 

Variation

Individual Loan Disbursements

5716

4736

 Up by 21%

Interest Income on Housing Loans

1808

1458

Up by 24%

Total Income

1862

1515

Up by 23%

Net Interest Income

354

334

Up by 6%

Profit after Tax

243.06

98.39

Up by 147%

Outstanding Loan Portfolio

69119

56098

Up by 23%

Gross NPA (%)

0.60%

0.64%

 

                                                                                                             1 crore =10 million

 

The Company has recorded a healthy growth in business during the second quarter ended September 2012. The Company disbursed loans of Rs. 5716 crores in the Individual loans segment, registering a growth of 21%over the second quarter of the previous year. Loan disbursements to developers for the quarter stood at Rs.121 crores.

 

The Company’s total Income for the second quarter ended September 2012 was Rs.1862 crores as against Rs. 1515 crores during the same period last year, registering a growth of 23%.

Net profit for the Q2 was Rs.243.06 crores as compared to Rs.98.39 crores in the corresponding period last year, a growth of 147 %.

 

Net Interest Margins for the Q2 FY13 stood at 2.10% against 2.18% for the Q1 of FY13.

 

Performance Highlights –H1 FY 2013                                                  

                                                                                            (Figures in Rs. crores)    

 

 

Half Year ended

 September 2012

 

Half Year ended

September 2011

 

 

 

Variation

Individual Loan Disbursements

10186

8204

Up by 24%

Interest Income on Housing Loans

3526

2816

Up by 25%

Total Income

3629

2934

Up by 24%

Profit after Tax

470.80

354.90

Up by 33%

                                                                                                                 1 crore =10 million

 

For the six months ended September 2012, the Company disbursed loans of Rs. 10186 crores in the Individual loans segment, registering a growth of 24%over the corresponding period of the previous year. Loan disbursements to developers for the period stood at Rs.443 crores as against Rs. 482 crores for the corresponding period of the previous year.

 

For the six months ended September 2012, the Company's total Income was Rs.3629 crores as against Rs. 2934 crores during the same period last year, a growth of 24 %. Net profit during this period was Rs.470.80 crores as compared to Rs.354.90 crores in the corresponding period last year, a growth of 33%.

 

The Outstanding Mortgage Portfolio as on September 30, 2012 was Rs.69119 crores as against Rs.56098 crores on September 30, 2011, thus registering a growth of 23%.

 

The Gross NPAs of the Company stood at 0.60% on September 30, 2012 as against 0.64 % as on September 30, 2011. Net NPAs were 0.28% as against 0.12% for the corresponding dates.

 

New Initiatives: The Company opened three new marketing offices during Q2 FY13.

 

LIC Housing Finance, Director & Chief Executive, Mr. V. K. Sharma, said “We have delivered a good disbursement number of 21% growth during the quarter despite stiff headwinds and have maintained the asset quality as well. It is encouraging to note that there is a 10% increase in number of customers which is a very good sign. The other good indication is that the incremental costs of funds are showing some trends of easing”

 

About the company

 

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 193 marketing offices across the country and representative offices at Dubai & Kuwait. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd 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 the highest rating from CRISIL & CARE indicating highest safety with regard to the ability to service interest and repay principal.

 

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

 

Mr. V. K. Sharma                                                                                  Delna Irani/ Ujjawal Punmiya

Director & Chief Executive                                                                  Adfactors PR

LIC Housing Finance Ltd                                                                     Tel: 022- 6757 4444

Tel: 022- 2217 8601

 
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