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Saturday, April 27, 2013

Interest income lifts LIC Housing Fin net 24%

LIC Housing Finance reported a 24 per cent increase in fourth quarter net profit, helped by higher loan disbursements to individual home buyers and healthy net interest income.

In the January-March quarter, the housing finance arm of Life Insurance Corporation posted a net profit of Rs 316 crore against Rs 254 crore a year ago. The company’s board has recommended a dividend of Rs 3.80 per share of Rs 2 face value.

A senior official at the company attributed the growth in profit to lower cost of funds and conversion of home loans from fixed to floating rate of interest.

Individual loan disbursements grew 19 per cent at Rs 7,536 crore in the quarter ended March 31, 2013.

Net interest income, the difference between interest earned and interest expended, grew 24 per cent to Rs 461 crore (Rs 371 crore, a year ago). Net interest margins for the quarter stood at 2.45 per cent as against 2.09 per cent in Q3 FY13.

In the January-March period, revenue grew 25 per cent to Rs 2,028 crore (Rs 1,628 crore, a year ago).

The company expects its loan book to grow by 20 per cent in financial year 2013-14.

For the full year ended March 31, 2013, the net profit rose 12 per cent to Rs 1,023 crore.

Shares of the Mumbai-based company closed at Rs 247/share, up 6.31 per cent, on the Bombay Stock Exchange.

Source: thehindubusinessline


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