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LIC HFL Q3 FY19

LIC HFL announces its financial results for Q3 FY 2019 

Q3 FY 2019 Profit after tax at Rs 596.31cr, up by 26%
Outstanding loan portfolio at Rs 181698 crores, up by 16%
Net Interest Income Rs 1042 crores
Revenue from operations up 23% to Rs 4414 crores
Net Interest Margins at 2.33%
Individual loan Gross NPAs at 0.93%

Mumbai, January 30, 2019: The Board of Directors of LIC Housing Finance announced its un-audited results for the third quarter ended on December 31, 2018, following its approval by the Board of Directors in a meeting held in Mumbai on January 30, 2019.

Performance Highlights – Q3 FY 2019

(Figures in Rs. crores)

  Quarter Ended December 2018 Quarter Ended December 2017 Variation
Revenue from operations 4414 3587 23%
Total Income incl other income 4439 3626 22%
Net Interest Income 1042 737 41%
Profit before tax 859.59 718.01 20%
Net Profit after tax 596.31 475.10 26%
Outstanding Loan Portfolio 181698 156176 16%
Gross NPA % 1.26% 0.87%  
Net NPA % 0.85% 0.49%  

(1 crore =10 million)

Total disbursement during the quarter Rs. 12778 crs as against Rs. 12293 crs for the same period in previous year. During the quarter, disbursements in the individual home loan category was Rs. 9170 crores as compared to Rs 8935 crores. The disbursements in developer loan segment was Rs 1238 crores as against Rs 970 crores for Q3 FY18, a growth of 28%.

The company’s total income for Q3 FY19 was Rs 4439 crores as against Rs 3626 crores during the same period previous year, a growth of 22%. Revenue from operations grew 23% from Rs 3587 crores to Rs 4414 crores. Net interest income was Rs 1042 crores, as against Rs 737 cr for the same period last year.

Profit before tax for the quarter was Rs 859.59 crores, as against Rs 718.01 cr for the same period in the previous year. Net profit after tax for the Q3 FY19 was Rs 596.31crores as compared to Rs 475.10 crores in the corresponding period of the previous year.

The Individual loan portfolio stood at Rs 170334 crores as against Rs 149986 crores, a growth of 14%. Developer loan portfolio stood at Rs 11365 crores as on December 31, 2018 as against Rs 6189 crores as on December 31, 2017, a growth of 84%. Total outstanding portfolio grew at 16% from Rs. 156176 crs to Rs. 181698 crs.

Under Indian Accounting Standards norms, asset classification and provisioning changes from the rule- based model to the Expected Credit Loss (ECL) model of providing for expected future Credit losses based on Exposure at Default (EAD). The loan loss provisions are computed based on the Company’s loss rates experienced in the past and future expected credit loss after accounting in various parameters.

As per the same methodology, the provisions for ECL were a reversal (write back) of Rs. 3.14 Cr for the quarter as against a reversal of Rs.20.45 Cr for the corresponding quarter in the previous year.

As per NHB norms total Gross NPAs for the company including NPAs on developer loans was 1.26% as on December 31, 2018 as against 0.87 % as on December 31, 2017. Gross NPAs in individual segment was 0.93 % as on December 31, 2018.

Net NPAs stood at 0.85% as on December 31, 2018 as against 0.49 % as on December 31, 2017.

Total provision including general provision on standard loans is Rs 1491 crores as on December 31, 2018 against Gross NPAs of Rs 2290 crores on the same date.

Net interest margins for the Q3 FY19 stood at 2.33% as against 2.35% for Q2 FY19.

Performance Highlights – 9 months FY19

(Figures in Rs. Crores)

  Nine months Ended December 31, 2018 Nine months Ended December 31, 2017 Variation
Revenue from operations 12635 10875 16%
Total Income incl other income 12707 10953 16%
Net Interest Income 3070 2534 21%
Net Profit before tax 2393.32 1951.88 23%
Net Profit after tax 1737.40 1408.16 23%

(1 crore =10 million)

During the nine months ended December 31, 2018, the total disbursements for the Company stood at Rs 36666 crores as against Rs 31968 crores for the same period of the previous year registering a growth of 15%. During the period, disbursements in the individual loan category was Rs 31569 crores against Rs 29977 crores.

The company’s total income for nine months ended December 31, 2018 was Rs 12707 crores as against Rs 10953 crores during the same period previous year, a growth of 16%. Revenue from operations grew 16% to Rs 12635 crores from Rs 10875 crores.

Net Interest Income (NII) for nine months ended December 31, 2018 was up by 21% to Rs 3070 crores from Rs 2534 crores during the same period previous year.

Net profit before tax (PBT) for nine months ended December 31, 2018 was Rs 2393.32 crores as against Rs 1951.88 crores during the same period previous year, a growth of 23%.

Net profit after tax for the nine months ended December 31, 2018 was Rs 1737.40 crores as against Rs 1408.16 crores during the same period previous year, a growth of 23%.

Net interest margins (NIM) for nine months ended December 31, 2018 stood at 2.35% as against 2.25% for the corresponding period ended December 31, 2017.

Speaking on the Q3 FY19 performance, MD & CEO, LIC Housing Finance, Mr. Vinay Sah said, “We have registered stable numbers across all areas of business in Q3 FY19 which has been in a challenging and turbulent environment. We look forward to maintaining this growth journey with a focus on healthy asset quality, cost improvement and better market presence across India. We expect the momentum to continue in the Q4 to give us a good overall performance in the financial year 2018-19.”

About LIC Housing Finance Ltd

LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of 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 about the ability to service interest and repay principal.

For further information please visit the website www.lichousing.com

For media queries, please contact

Mr. Vinay Sah

MD & CEO

LIC Housing Finance Ltd.

Tel: 022-22178 602

Kamalprit Singh / Mansi Sheth

Veritas Reputation PR

Tel: +91 9167038511 / +91 9870631556

E: kamalprit.singh@veritasreputation.com / mansi@veritasreputation.com

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