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Saturday, November 2, 2013

LIC Housing Finance Q2 net soars 28% on higher interest income

Aided by a healthy growth in net interest income, LIC Housing Finance reported a 28 per cent increase in net profit at Rs 310 crore in the July-September period, against Rs 243 crore in the year ago period.

However, as compared to the April-June quarter, the growth in net profit was flat.

In the reporting quarter, India’s second largest standalone housing finance company logged a 28 per cent growth in net interest income (the difference between interest earned and expended) at Rs 453 crore (Rs 354 crore in the year ago period).

Net interest margin, which is the ratio of net interest income to average earning assets, improved to 2.22 per cent in the September 30quarter from 2.10 per cent in the year ago quarter.

During the quarter, LIC Housing disbursed individual loans and developer loans aggregating Rs 5,682 crore (Rs 5,717 crore) and Rs 265 crore (Rs 121 crore), respectively.

As on September-end, the company’s outstanding mortgage loan portfolio stood at Rs 83,216 crore against Rs 69,119 crore, registering a growth of 20 per cent.

Individual loan portfolio accounts for about 97 per cent of the outstanding mortgage loan portfolio.

Gross non-performing assets increased to 0.73 per cent of the gross advances against 0.60 per cent in the year ago period.

V.K. Sharma, MD and CEO, said “For the full year, we expect the loan book to grow at around 20 per cent, with some improvement in margins.”

On Wednesday, shares of LIC Housing Finance ended at Rs 219.20 per share on the BSE, up 5.59 per cent over the previous close.

Source: thehindubusinessline


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