Lic Housing Finance Net Profit Rises

LIC Housing Finance announced its audited results for the year ended March 2010

, following its approval by the Board of Directors in a meeting held in Mumbai.

The Company has recorded a healthy growth in business during the fourth quarter ended March 2010. The Company disbursed loans of Rs 5062 crores, registering a growth of 61% over the fourth quarter of the previous year.

Net profit for the Q4 was Rs.213.51 crores as compared to Rs.157.56 crores in the corresponding period last year, thus showing a growth of 36%. The Company's total Income for the fourth quarter ended March 2010 was Rs.968 crores as against Rs.806 crores during the same period last year, a growth of 20%.

Net Interest Margins for the Q4 stood at 3.30%.

The Company sanctioned Rs. 18043 crores, and disbursed Rs.14853 crores, a growth of 66% & 70% respectively, for the year ended March 2010. In the Individual loan segment, the Company sanctioned Rs. 14151 cr and disbursed Rs. 12448 cr, a growth of 73% & 69% respectively.

For the year ended March 2010, the Company's total Income was Rs.3470 crores as against Rs.2903 crores during the same period last year, a growth of 20%. Net profit during this period was Rs.662.18 crores as compared to Rs.531.62 crores in the corresponding period last year, a growth of 25%.

The Outstanding Mortgage Portfolio as on March 31, 2010 was Rs.38081 crores as against Rs.27679 crores on March 31, 2009, thus registering a growth of 38%.

The Gross NPAs of the Company stood at 0.69% on March 31, 2010 as against 1.07% as on March 31, 2009. Net NPAs were 0.12 % as against 0.21% for the corresponding dates.

The Net Interest Margins for the whole year stood at 2.70%

The Board of Directors have recommended dividend of 150 %.

LIC Housing Finance, Director & Chief Executive, Mr. R. R. Nair, said "The year has ended on a very positive note for the Company with record performances in business and asset growth. The asset quality has improved significantly for yet another year with reduction in absolute volumes of NPAs and is now amongst the best in the Industry. The Net Interest Margins have increased during the second half of the year resulting in improved profitability. We hope to consolidate on our good performance in FY11."

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