LIC Housing Finance Q1 Net Profit Rs 310.51 crores, up by 36%

Income from operations grow 23% to Rs. 2149 crores

 Individual Loan Portfolio at Rs 77727 crores, up by 24%,

Individual Loans Gross NPAs down from 0.74% to 0.51%

Mumbai, August 14, 2013: The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2013 following its approval by the Board of Directors in a meeting held in Mumbai on August 14, 2013.

Performance Highlights – Q1 FY 2014

 (Figures in Rs. crores)    

                                                                                                            (1 crore = 10 million)

For the quarter ended June 30, 2013 the Company recorded a total Income of Rs.2178 crores as against Rs.1767 crores during the same period last year, a growth of 23%. Income from operations was Rs. 2149 crores as against Rs.1746 crores, a growth of 23%.

Net profit for the Q1 was Rs.310.51 crores as compared to Rs.227.75 crores in the corresponding period last year.

In the Individual Loan category, the company disbursed Rs 5069 crores as against Rs.4470 crores for the same period last year, a growth of 13%. Disbursements in the developer loan segment were Rs 58 crores as against Rs. 321 crores for the same period last year.

The Net Interest Income for the quarter was Rs. 455 crores as against Rs. 350 crores for the same period last year, a growth of 30%. Net Interest Margins for the Q1 stood at 2.30% against 2.18% for the quarter ended June 30, 2012

The Outstanding Mortgage Portfolio as on June 30, 2013 was Rs.80137 crores as against Rs.65644 crores on June 30, 2012, thus registering a growth of 22%. The Individual Loan portfolio stood at Rs 77727 crores as against Rs 62602 crores, a growth of 24%. The Developer Loan portfolio stood at Rs 2410 crores as on June 30, 2013 as against Rs 3042 crores as on June 30, 2012.

Gross NPAs in individual segment was 0.51% as on June 30, 2013 as against 0.74% as on June 30, 2012. Total Gross NPAs for the Company including NPAs on Developer Loans stood at 0.80% as on June 30, 2013 as against 0.71 % as on June 30, 2012. Gross NPAs in Developer Loans segment include three major accounts amounting to Rs 229 crores which were NPA as on March 2013. These accounts are backed by adequate collaterals and action under SARFAESI Act has been initiated.

Net NPAs stood at 0.52% as on June 30, 2013 as against 0.39% as on June 30, 2012. Total provisions including general provisions on standard loans is Rs. 712.01 cr as on June 30, 2013.

LIC Housing Finance, Managing Director & CEO, Mr. V. K. Sharma said

“The environment is extremely difficult. Despite challenges, we have been able to perform quite well in Q1. The balance part of this year is also likely to remain challenging and our focus shall be to grow profitably and with quality. As far as asset quality is concerned, we have initiated recovery action on the delinquent loans in the developer segment and do not expect any further deterioration in NPAs.”